Egypt to raise a maximum of 2 billion euro with planned bond

Reuters , Monday 9 Apr 2018

File Photo: A customer counts his Egyptian 50 pound notes at an exchange office in downtown Cairo, Egypt, April 19, 2016. (Photo: Reuters)

Egypt will raise up to 2 billion euro with its planned dual-tranche bond, which is expected to price later on Monday, a document from one of the banks arranging the debt offering showed.

The debt sale - Egypt’s first public bond denominated in euro - received orders in excess of 7.2 billion euro, split evenly across the proposed eight-year and 12-year tranches.

Final price guidance for the bonds was set at 4.75-4.875 percent for the eight-year paper, and at 5.625-5.75 percent for the 12-year, with the notes expected to price within those ranges. 

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