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(Adds launch, final yields, size, demand and changes dateline
to Cairo)
By Yousef Saba
CAIRO, Feb 8 (Reuters) - Egypt launched $3.75 billion in
three-tranche bonds on Monday, a document showed, and will use
them to finance a portion of its fiscal deficit.
After receiving around $15 billion in orders, Egypt sold
$750 million in five-year bonds at 3.875%, $1.5 billion in
10-year bonds at 5.875% and $1.5 billion in 40-year notes at
7.5%, documents from one of the banks on the deal showed.
Demand skewed to the longer-dated tranches, they showed.
Egypt has been tapping international debt markets as it
grapples with the coronavirus crisis, which caused tourism - a
key source of hard currency - to collapse.
The pandemic also led to a sharp fall in foreign direct
investment and weaker domestic economic activity.
Initial price guidance was 4.25% to 4.375% for the five-year
tranche, around 6.25% for the 10-year bonds and around 7.875%
for the 40-year notes.
Citi, First Abu Dhabi Bank, Goldman Sachs
International, HSBC, JPMorgan and
Standard Chartered are arranging the deal.
Egypt received $2.77 billion in emergency financing from
the International Monetary Fund (IMF) in May and another $5.2
billion Stand-By Arrangement from the IMF in June.
In May, it sold $5 billion in bonds with maturities of four,
12 and 30 years and in September sold $750 million in five-year
green bonds, the first by a sovereign in the region.
Last month, the IMF raised its growth forecast for Egypt's
economy in the financial year that will end in June to 2.8%,
matching the lower end of the government's own estimate and
citing a milder-than-expected contraction during the coronavirus
pandemic.
(Reporting by Yousef Saba in Dubai; Additional reporting by
Patrick Werr in Cairo; Editing by Kevin Liffey and Andrea Ricci)
