Rare Egypt deal slips in under Turkey curve

22 Apr 2010

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 Egypt’s $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. "That’s pretty cool," said one syndicate head. "Rock and ...

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