By Rebecca Melvin
New York, May 22 – The Arab Republic of Egypt priced $5 billion of notes in three tranches due 2024, 2032 and 2050 (expected ratings: B/B+) on Thursday, according to a syndicate source.
The $1.25 billion tranche of 5¾% four-year notes priced at par to yield Treasuries plus 540.7 basis points. The pricing was low compared to initial talk for a yield int the 6¼% area.
The $1.75 billion tranche of 7 5/8% 12-year notes priced at par to yield Treasuries plus 694.5 bps. The pricing was below talk for a yield in the area of 8 1/8%.
The $2 billion of 8 7/8% 30-year notes priced at par to yield 748.7 bps over Treasuries. Pricing was tight compared to initial talk seen in the area of 9 3/8%.
BNP Paribas, Citigroup, HSBC, JPMorgan and Standard Chartered Bank were joint lead managers for the Regulation S and Rule 144A transaction.
| Issuer: | Arab Republic of Egypt
|
| Amount: | $5 billion
|
| Securities: | Senior notes
|
| Bookrunners: | BNP Paribas, Citigroup, HSBC, JPMorgan and Standard Chartered Bank
|
| Pricing date: | May 21
|
| Settlement date: | May 29
|
| Expected ratings: | S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Four-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | May 29, 2024
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | Treasuries plus 540.7 bps
|
| Talk: | Initial price talk of 6¼% area
|
|
|
| 12-year notes
|
| Amount: | $1.75 billion
|
| Maturity: | May 29, 2032
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Spread: | Treasuries plus 694.5 bps
|
| Talk: | Initial price talk of 8 1/8% area
|
|
|
| 30-year notes
|
| Amount: | $2 billion
|
| Maturity: | May 29, 2050
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Spread: | Treasuries plus 748.7 bps
|
| Talk: | Initial price talk of 9 3/8% area
|
|
|
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