By Rebecca Melvin
New York, April 10 – The Arab Republic of Egypt priced €2 billion of senior notes evenly divided between tranches of eight- and 12-year maturities (expected ratings: B3/B-/B), according to a syndicate source on Tuesday.
The €1 billion tranche of eight-year notes priced with a 4¾% coupon at par. That was the tight end of the 4¾% to 4 7/8% final guidance, which was trimmed from earlier guidance in the 5% area and initial price talk in the low 5% area.
The €1 billion tranche of 12-year notes priced with a coupon of 5 5/8% at par. That was the tight end of the 5 5/8% to 5¾% final guidance, which was lowered from earlier guidance of 5 7/8% and initial price talk in the 6% area.
The final order books stood at €6.6 billion.
Banca IMI, BNP Paribas, Deutsche Bank and Standard Chartered Bank are the bookrunners of the Rule 144A and Regulation S deal.
| Issuer: | Arab Republic of Egypt
|
| Amount: | €2 billion
|
| Securities: | Senior notes
|
| Bookrunners: | Banca IMI, BNP Paribas, Deutsche Bank and Standard Chartered Bank
|
| Pricing date: | April 9
|
| Settlement date: | April 16
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Eight-year notes
|
| Amount: | €1 billion
|
| Maturity: | April 16, 2026
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Talk: | 4¾% to 4 7/8% final guidance, trimmed from 5% area and initial talk in low 5% area
|
|
|
| 12-year notes
|
| Amount: | €1 billion
|
| Maturity: | April 16, 2030
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Talk: | 5 5/8% to 5¾% final guidance, trimmed from 5 7/8% and initial talk in 6% area
|
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