By Rebecca Melvin
New York, April 5 – The Arab Republic of Egypt priced €2 billion of notes in two tranches due 2025 and 2031 on Thursday, according to a syndicate source.
The €750 million six-year tranche priced at par to yield 4¾%, and a spread over Bunds of 511.9 basis points. Pricing was tightened from initial talk in the 5 1/8% area.
The €1.25 billion tranche of 12-year notes priced at par to yield 6 3/8%, or a spread over Bunds of 638.1 bps. That pricing was tightened from initial talk for yield in the area of 6 7/8%.
Order books during marketing topped €8.6 billion.
Banca IMI, BNP Paribas Securities Corp., Natixis and Standard Chartered Bank are the bookrunners.
| Issuer: | Arab Republic of Egypt
|
| Amount: | €2 billion
|
| Securities: | Senior notes
|
| Bookrunners: | Banca IMI, BNP Paribas Securities Corp., Natixis and Standard Chartered Bank
|
| Pricing date: | April 4
|
| Settlement date: | April 11
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2025 notes
|
| Amount: | €750 million
|
| Maturity: | April 11, 2025
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | Bunds plus 511.9 bps
|
| Talk: | IPT of 5 1/8% area
|
|
|
| 2031 notes
|
| Amount: | €1.25 billion
|
| Maturity: | April 11, 2031
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | Bunds plus 638.1 bps
|
| Talk: | IPT of 6 7/8% area
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
