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Economy

Egypt to raise around $3 bln through three-tranche bonds

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Egypt has sold $1.088 billion inone-year, dollar-denominated T-bills with an average yield of 3.39 percent, the central bank said on Monday.

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Egypt expects to raise around $3 billion via a three-tranche bond sale after it received more than $9 billion in demand, a document from one of the banks on the deal showed on Monday.

It tightened price guidance to 4.125 percent to 4.25 percent for a five-year tranche, around 6.125 percent for 10-year bonds and around 7.75 percent for 40-year notes, the document showed. Demand skewed to the longer tranches.

It had given initial price guidance of 4.25 percent to 4.375 percent forthe five-year tranche, around 6.25 percent for the 10-year bonds and
around 7.875 percent for the 40-year notes.

Citi, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JPMorgan and Standard Chartered are arranging the deal.

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