Egypt expects to sell around $3bln in three-tranche bonds – document

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DUBAI- Egypt expects to raise around $3 billion via a three-tranche bond sale after it received more than $9 billion in demand, a document from one of the banks on the deal showed on Monday.

It tightened price guidance to 4.125% to 4.25% for a five-year tranche, around 6.125% for 10-year bonds and around 7.75% for 40-year notes, the document showed. Demand skewed to the longer tranches.

It had given initial price guidance of 4.25% to 4.375% for the five-year tranche, around 6.25% for the 10-year bonds and around 7.875% for the 40-year notes.

Citi, First Abu Dhabi Bank, Goldman Sachs International, HSBC, JPMorgan and Standard Chartered are arranging the deal, which is expected to close later on Monday.

(Reporting by Yousef Saba, editing by Louise Heavens) ((Yousef.Saba@thomsonreuters.com; +971562166204))