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The headquarters of the Ministry of Finance is pictured in Cairo, Egypt August 4, 2016. REUTERS/Amr Abdallah Dalsh
CAIRO, Jan 24 (Reuters) - Egypt began marketing on Tuesday a triple-tranche U.S. dollar-denominated benchmark bond issue with yields ranging between 6.375 and 8.875 percent, bankers involved in the deal said.
The five-year tranche of the Eurobond is being marketed at 6.375-6.625 percent, according to a document showing initial price thoughts. The 10-year tranche is being marketed at 7.625-7.875 percent and the 30-year tranche is being marketed at 8.625-8.875 percent.
Egyptian officials said they were targeting a Eurobond issuance of $2 billion to $2.5 billion on the eve of their roadshow, which began last week in the United Arab Emirates and took in investors in the United States and United Kingdom.
The bonds will be listed on the Luxembourg Stock Exchange. The offering is being run by BNP Paribas, Citigroup, JP Morgan and Natixis.
Egypt had planned to begin its roadshow in November but postponed it due to market volatility.
The country of over 90 million has been seeking a variety of funding sources, from development loans to foreign grants and aid, to plug its financing needs as it struggles with an acute dollar shortage that has hampered its ability to import.
The central bank abandoned its currency peg of 8.8 pounds to the U.S. dollar in November and raised interest rates by 300 basis points in a move it hopes will unlock currency inflows and bring back foreign investors driven away after a 2011 uprising.
The currency flotation helped Egypt clinch a $12 billion loan programme from the International Monetary Fund to support plans for sweeping economic reforms. The IMF deal and flotation have helped propel the Egyptian stock market to multi-year highs.
(Reporting by Asma AlSharif in Cairo and Robert Hogg in London; Writing by Lin Noueihed; Editing by Tom Heneghan)