April 9, 2018 / 1:37 PM / in 17 days

Egypt sets final guidance for dual-tranche offering

LONDON, April 9 (IFR) - The Arab Republic of Egypt has set final guidance for a dual-tranche bond offering that could raise up to €2bn, according to a lead.

The sovereign (rated B3/B-/B) is now marketing the notes due April 2026 at 4.75%-4.875%. After an initial low 5% area proposed pricing was earlier revised to 5% area.

The bonds due April 2030 are being marketed at 5.625%-5.75%. This tranche was originally marketed at 6% area, before pricing was revised to 5.875% area.

Both the eight and 12-year legs are set to price within the ranges.

The combined order books are over €7.2bn, evenly split.

The bookrunners are Banca IMI, BNP Paribas, Deutsche Bank and Standard Chartered. (Reporting by Robert Hogg, editing by Alex Chambers)

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