Egypt Taps Bond Market For First Issue In Five Years

Egypt has tapped the bond market for the first time in five years. The $1.5bn issue priced at a tighter-than-expected 6% and was three-times oversubscribed.Cairo closed a $1.5bn sovereign Eurobond on 4 June. The bond, which was lead managed by BNP Paribas, Citigroup, JP Morgan, Morgan Stanley and Natixis, has a tenor of 10 years. Egypt achieved a pricing of 6%, tighter than the initial pricing guidance of 6.25% mooted before the issue was put together. The tighter yield underlines the return of political and economic stability to the country after the Arab Spring uprising of early 2011 which shut out Egypt from the international debt market. The last time Egypt dipped in the international debt market was in April 2010 with the launch of a $1.5bn Eurobond. (CONTINUED - 599 WORDS)