By Paul A. Harris
Portland, Ore., Feb. 14 – The Arab Republic of Egypt priced $4 billion of senior notes (B-/B) in three tranches, according to a market source.
The three-part offering saw all tranches price tighter than guidance.
Included are the following:
• $1.25 billion of five-year notes that priced at Treasuries plus 303 basis points, 2 bps inside of the 305 bps to 310 bps guidance;
• $1.25 billion of 10-year notes that priced at Treasuries plus 373 bps, 2 bps inside of the 375 bps to 380 bps guidance; and
• $1.5 billion 30-year notes that priced at Treasuries plus 478 bps, 2 bps inside of the 480 bps to 485 bps guidance.
Joint bookrunner Morgan Stanley will bill and deliver. Citigroup, First Abu Dhabi Bank, HSBC and JPMorgan were also joint bookrunners.
| Issuer: | The Arab Republic of Egypt
|
| Amount: | $4 billion
|
| Securities: | Senior notes
|
| Bookrunners: | Morgan Stanley (bill and deliver), Citigroup, First Abu Dhabi Bank, HSBC, JPMorgan
|
| Settlement date: | Feb. 21
|
| Ratings: | S&P: B-
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Feb. 21, 2023
|
| Spread: | Treasuries plus 303 bps
|
| Talk: | 305 bps to 310 bps
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Feb. 21, 2028
|
| Spread: | Treasuries plus 373 bps
|
| Talk: | 375 bps to 380 bps
|
|
|
| 30-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Feb. 21, 2048
|
| Spread: | Treasuries plus 478 bps
|
| Talk: | 480 bps to 485 bps
|
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