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Egypt Issues Triple-Tranche US Dollar Bonds

Egypt is attracting plenty of investors as the government begins marketing a triple-tranche U.S dollar-denominated bond with yields ranging from 6.375 to 8.875 percent over 5 to 30 years.

Reuters is reporting that Egypt will begin marketing a triple-tranche U.S dollar-denominated benchmark bond with yields set for each tranche ranging from 6.375 to 8.875.

Citing bankers involved in the deal, Reuters reports that the five-year tranche of the Eurobond being marketed will provide yields ranging between 6.375-6.625 percent, while a 10-year tranche is being marketed at 7.625-7.875 percent. The third tranche is set for 30 years and is being marketed to yield an 8.625-8.875 percent.

Before embarking on a roadshow to the UAE last week, Egyptian officials announced that they were targeting a Eurobond issuance for $2 billion to $2.5 billion. Running the offer is BNP Paribas, Citigroup, JP Morgan and Natixis.

It was also announced that the bonds will be listed at the Luxembourg Stock Exchange.

Photo: Reuters