Heavy demand for Egypt’s first dollar deal in nine years pushed it through the Turkey curve as investors sought out the diversification play in spite of a deteriorating market yesterday (Thursday).
Lead managers HSBC and Morgan Stanley priced the Arab Republic of Egypts $1bn 10 year tranche to yield 5.75% and the $500m 30 year tranche at 6.95% yield.Bankers away from the deal thought the credit was attractive and unusual. "Thats pretty cool," said one syndicate head. "Rock and
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