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The government of Egypt has raised $1 billion from eight-year US dollar-denominated social bond, priced at a semi-annual coupon of 7.625%, tightening from initial price thoughts (IPTs) in the 8% area.
The senior unsecured Reg S issuance saw it’s reoffer yield set at 7.625%.
The final orderbook topped $3.7 billion for the first sovereign issuance from the MENA region since the start of the Iran war.
Proceeds from the issuance will be used to finance or refinance eligible social projects in line with Egypt’s Sovereign Sustainable Financing Framework.
(Writing by Brinda Darasha; editing by Seban Scaria)
