Gov’t to offer at least USD 1.5 bn in triple-tranche USD-denominated eurobond issuance: Egypt’s upcoming USD-denominated eurobond issuance will be split into three tranches, with the bonds carrying tenors of four, 12, and 40 years, according to a document seen by Reuters. The exact value of the issuances remains unclear, but the document indicates “the bonds will be of benchmark size, which generally means upwards of USD 500 mn per tranche,” the newswire says. That would bring the total value of the issuance to at least USD 1.5 bn. The Finance Ministry signalled in September that it will offer USD 2.5-3 bn in eurobonds either at the end of this year or the beginning of 2020, after it tapped 20 international investment banks and 7-8 local and international law firms to advise on the offering.

The timing of the issuances is also unclear; the ministry had said last month it will bring the bond sale to market sometime in FY2019-2020.

Advisors: The government had named Citibank, JPMorgan, BNP Paribas, Natixis and Standard Chartered as joint bookrunners for the offering on the Luxembourg Stock Exchange. Al Tamimi & Company was selected as local legal advisor, while Dechert was selected as international counsel.