Egypt taps a larger-than-expected $4 billion from three existing tranches

By Rebecca Melvin

New York, May 24 – Egypt’s upsized add-ons of its notes due 2022, 2027 and 2047 was a focus of the emerging markets on Wednesday.

The Arab republic priced $4 billion of paper in these tranches, or $1.75 billion, $1 billion and $1.25 billion, respectively. The add-ons were initially expected to be $3 billion in size. The issues originally priced on Jan. 24.

A $1.75 billion tranche of 6 1/8% five-year notes was more than double the initially talked deal size of $750 million. The sizes of the other two tranches were kept as initially talked.

The reoffered prices were higher than expected, resulting in yields that were slightly lower than the whisper numbers.

The 2022 notes were reoffered at 102.739 for a yield of 5.45%.

The pricing compared to an indication for the existing five-year tranche of 103.25 bid, 104 offered, according to a market source.

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