By Rebecca Melvin
New York, Feb. 20 – The Arab Republic of Egypt has priced $4 billion of senior notes in three tranches (B/B), according to a syndicate source on Wednesday.
The $750 million 6.2004% five-year notes priced at par to yield 6.2%, or a yield spread of 373.7 basis points over U.S. Treasuries.
Pricing came tight to guidance in the 6.4% area and initial price talk in the 6.6% area.
The $1.75 billion of 7.6003% 10-year notes priced at par to yield 7.6%, or a yield spread of 496.1 bps over Treasuries.
Pricing came tight compared to guidance in the 7.8% area and initial price talk in the 8% area.
The $1.5 billion 8.7002% 30-year notes priced at par to yield 8.7%, or a yield spread of 572.8 bps over Treasuries.
Pricing was tight to guidance in the 8.9% area and initial price talk in the 9.1% area.
Citigroup Global Markets, Goldman Sachs International, HSBC Bank plc and J.P. Morgan Securities plc were joint lead managers and bookrunners of the Rule 144A and Regulation S notes.
The notes settle on Feb. 26 and will be listed on the London Stock Exchange.
| Issuer: | Egypt
|
| Description: | Senior notes
|
| Total amount: | $4 billion
|
| Bookrunners: | Citigroup Global Markets, Goldman Sachs International, HSBC Bank plc and J.P. Morgan Securities plc
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 26
|
| Expected ratings: | S&P: B
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2024 notes
|
| Amount: | $750 million
|
| Maturity: | March 1, 2024
|
| Coupon: | 6.2004%
|
| Price: | Par
|
| Yield: | 6.2%
|
| Spread: | 373.7 bps over Treasuries
|
| Price talk: | Guided to 6.4% area from initial talk of 6.6% area
|
|
|
| 2029 notes
|
| Amount: | $1.75 billion
|
| Maturity: | March 1, 2029
|
| Coupon: | 7.6003%
|
| Price: | Par
|
| Yield: | 7.6%
|
| Spread: | 496.1 bps over Treasuries
|
| Price talk: | Guided to 7.8% area from initial talk of 8% area
|
|
|
| 2049 notes
|
| Amount: | $1.5 billion
|
| Maturity: | March 1, 2049
|
| Coupon: | 8.7002%
|
| Price: | Par
|
| Yield: | 8.7%
|
| Spread: | 572.8 bps over Treasuries
|
| Price talk: | Guided to 8.9% area from 9.1% area
|
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