Egypt begins marketing dual-tranche euro bond offering

Egypt has opened books on a dual-tranche euro-denominated bond offering, according to a lead.

The sovereign (rated B3/B-/B) has started marketing notes due April 2026 at low five per cent area. Bonds due April 2030 are being marketed at six per cent area.

The bookrunners are: Banca IMI, BNP Paribas, Deutsche Bank and Standard Chartered.

Meanwhile, Egypt has given initial-price-guidance for its planned euro-denominated-bond in the low five per cent area for an eight-year tranche and in the six per cent area for a 12-year tranche, a bank document showed.

Egypt, rated B3 by Moody’s, B-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.