By Rebecca Melvin
New York, Nov. 14 – The Arab Republic of Egypt priced $2 billion of notes in three tranches due 2023, 2032 and 2059 (expected ratings: B/B+), according to a syndicate source on Thursday.
The $500 million tranche of 4.55% four-year notes priced at par to yield Treasuries plus 290.1 basis points. The pricing was tight compared to talk for a yield of 4.9% to 5%.
The $1 billion tranche of 7.0529% long 12-year notes priced at par to yield Treasuries plus 516.7 bps. The pricing was well below talk for a yield in the area of 7½%.
The $500 million of 8.15% 40-year notes priced at par to yield 578.6 bps over Treasuries. Pricing was tight compared to pricing seen in the area of 8.6%.
BNP Paribas, Citigroup, JPMorgan, Natixis and Standard Chartered Bank were joint lead managers for the Regulation S and Rule 144A transaction.
| Issuer: | Arab Republic of Egypt
|
| Amount: | $2 billion
|
| Securities: | Senior notes
|
| Bookrunners: | BNP Paribas, Citigroup, JPMorgan, Natixis and Standard Chartered Bank
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 20
|
| Expected ratings: | S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Four-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 20, 2023
|
| Coupon: | 4.55%
|
| Price: | Par
|
| Yield: | 4.55%
|
| Spread: | Treasuries plus 290.1 bps
|
| Talk: | Initial price talk of 4.9%-5%
|
|
|
| Long 12-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 15, 2032
|
| Coupon: | 7.0529%
|
| Price: | Par
|
| Yield: | 7.0529%
|
| Spread: | Treasuries plus 516.7 bps
|
| Talk: | Initial price talk of 7½% area
|
|
|
| 40-year notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 20, 2059
|
| Coupon: | 8.15%
|
| Price: | Par
|
| Yield: | 8.15%
|
| Spread: | Treasuries plus 578.6 bps
|
| Talk: | Initial price talk of 8.6% area
|
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