Record Breaking US$4 Billion Eurobond Issuance by Egypt

The Arab Republic of Egypt has today closed a US$4 billion multi-tranche sovereign bond issuance consisting of $1.75 billion 6.125% notes due 2022, $1 billion 7.50% notes due 2027 and $1.25 billion 8.50% notes due 2047 issued under its US$10 billion Global Medium Term Note Programme. The transaction is the largest ever public bond issuance out of Egypt and Africa, as well as the first triple-tranche bond from the African continent. Egypt was advised by a London-based team from Dechert LLP consisting of Camille Abousleiman, Patrick Lyons, Jennifer Buckett and Claire Donnelly.

This transaction follows the private placement by the Republic to the Central Bank of Egypt of US$4 billion of bonds in November 2016. The Dechert team also advised the Republic on the establishment of its GMTN Programme and the issuance of US$1.5 billion of notes thereunder in June 2015, which marked the country’s return to the international debt capital markets after a nearly five-year absence.

This transaction continues Dechert’s leading practice in the representation of sovereigns from the Middle East and North Africa region.

“Egypt is undertaking an extensive and ambitious economic reform programme, which has received the active support of the IMF and international investors, as demonstrated by the success of the recent transactions. Dechert is proud to assist the Government of Egypt in these efforts.” said Abousleiman.

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