Egypt launches $4 billion multi-tranche deal; Russia’s State Transport unit sets yield

By Paul A. Harris

Portland, Ore., Feb. 13 – Sovereigns traded somewhat lower during the New York session, according to a sellside source.

Interest rate volatility has taken a toll on the asset class, a London-based trader conceded.

However, if single-B rated Egypt can come with a benchmark three-part deal, “how bad can things be?” the source asked rhetorically.

Egypt launched a $4 billion multi-tranche Rule 144A and Regulation S senior notes offer (expected ratings S&P: B-/Fitch: B) on Tuesday.

The three-part offer saw all tranches launch tight to guidance.

In addition to Egypt, GTLK Europe Capital DAC, a special purpose vehicle of Russian state-owned PJSC State Transport Leasing Co., showed up with a dollar-denominated benchmark deal that is set to yield 5˝%.

Meanwhile, Kenya is on the road with a benchmark offering of 10- and 30-year bonds, the trader said.

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