Egypt’s National Bank returns to bond market
Debt investors grabbed their second chance for exposure to Egypt this year when the Arab country’s largest bank followed the sovereign’s April blowout with a $600m five year note via Citi, Deutsche Bank and Morgan Stanley on Thursday. National Bank of Egypt priced its offering at 5.25%, in line with guidance, equating to 357bp over US Treasuries.
The note emerged immediately after NBEs roadshow appearances in Munich and Frankfurt. Officials earlier visited Hong Kong, the United Arab Emirates, Singapore and London. It was issued by Nile Finance, a special purpose entity incorporated in the Cayman Islands.
Last Friday (July 23) Fitch assigned the issue an
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