Panama prices $1.2 billion; Egypt launches €2 billion deal; two corporates join calendar

By Rebecca Melvin

New York, April 9 – Panama was the latest sovereign to wade into the emerging markets debt capital markets on Monday, pricing $1.2 billion of 2050 bonds at a spread tight to guidance of U.S. Treasuries plus 150 basis points, according to a market source.

Also on Monday, the Arab Republic of Egypt launched €2 billion of notes, evenly divided between two tranches of eight- and 12-year maturities.

Pricing on the Egypt eight year notes was set at 4¾%, which was the tight end of 4¾% to 4 7/8% final guidance, trimmed from earlier guidance at 5% area and initial price talk of low 5% area.

The 12-year notes priced at 5 5/8% yield, which was the tight end of 5 5/8% to 5¾% final guidance and lowered from earlier guidance of 5 7/8% and initial price talk in the 6% area.

Two corporate issuers also joined the calendar, including FirstRand Bank Ltd.’s inaugural dollar deal for 10-year non-call five-year tier 2 subordinated notes (expected rating: Ba2). Also scheduled to start a roadshow is Turkish real estate developer and investment company Ronesans Gayrimenkul Yatirim AS, which is eyeing a five-year dollar benchmark notes offering being marketed under Rule 144A and Regulation S subject to market conditions.

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