The issuance of Egypt’s largest ever eurobond and the first triple-tranche instrument to come out of Africa, will support the country’s extensive economic reform progamme.
The $4 billion bond, also the largest ever public bond issuance out of Africa, was issued in three tranches - $1.75 billion 6.125% notes due 2022, $1 billion 7.50% notes due 2027 and $1.25 billion 8.50% notes due 2047.
The government was initially targeting to raise $2 billion but orders from the US, the EU and a number of Gulf states were said to have reached in excess of $13 billion. The offering was initially scheduled to take place in November 2016 but was postponed because of market volatility caused among other things by the US presidential election.
The notes are part of a wider $10 billion global medium-term note programme,...