Arab Republic of Egypt $4 billion sovereign bond issue

Overview:

• The Arab Republic of Egypt issued $4 billion of high yield Eurobond's as part of its $10 billion GMTN programme. 
• The issuance consisted of three tranches: a $1.75 billion 6.1255 5-year note; a $1 billion 7.5% 10-year note and a $1.25 billion 8.5% 30-year note. 
• This was Egypt's largest ever debt issuance, and also the largest African issuance to date.  
• The notes were issued in US dollars to help alleviate the country's foreign exchange shortage. 
• Egypt issued $1.5 billion sovereign bonds in 2015. 
• BNP Paribas, Citigroup and JPMorgan Securities acted as dealers, and Natixis acted as agent for the issue.

John Crabb - Journalist 

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