Egypt issues $2 bln dollar-denominated bonds in three tranches

Egypt has issued dollar-denominated bonds worth $2 billion in three tranches, the ministry of finance said in a statement on Thursday.

The issuance included $500 million of four-year bonds with a 4.55 percent yield, $1 billion of 12-year bonds with a 7.05 percent yield, and $500 million of 40-year bonds with an 8.15 percent yield, it added.

Subscription orders exceeded $14.5 billion within few hours of the issuance announcement, the ministry said. This helped lower the yields by 45 basis points compared with the initial price guidance.

The ministry described the 40-year bond as “the longest international bond in the Middle East and North Africa”.

Source: Reuters