Egypt has given initial price guidance for its planned euro-denominated bond in the low 5 percent area for an eight-year tranche and in the 6 percent area for a 12-year tranche, a document from one of the banks leading the deal showed.

Egypt, rated B3 by Moody’s, B-(minus) by S&P and B by Fitch, has mandated Banca IMI, BNP Paribas, Deutsche Bank, and Standard Chartered Bank to arrange the transaction.

The planned issue will be the first euro-denominated public debt sale by Egypt.