Bonds News

Egypt expected to sell up to $3 billion in bonds

CAIRO, Sept 23 (Reuters) - Egypt is expected to raise on Thursday up to $3 billion in three-tranche U.S. dollar-denominated bonds, for which price guidance was tightened after attracting over $7.25 billion in combined orders, a bank document showed.

Egypt tightened guidance to 5.875%-6% for a six-year portion, between 7.375% and 7.5% for 12-year notes and around 8.75% for 30-year paper, the document from one of the banks on the deal showed.

Initial guidance was around 6.125% for the six-year bonds, about 7.625% for the 12-year tranche and around 8.875% for the 30-year notes.

Citi, First Abu Dhabi Bank, HSBC, JPMorgan and Standard Chartered are arranging the deal, which is expected to launch later on Thursday.

Reporting by Yousef Saba; Editing by Alison Williams