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Thursday, 18 August 2016

JPMorgan, Morgan Stanley among four banks to manage USD bond

The Finance Ministry is set to pick four banks, including JPMorgan and Morgan Stanley, to manage its upcoming USD-denominated bond issuance worth USD 3 bn, unnamed government sources told Al Borsa on Wednesday. Between eighteen and twenty banks are reportedly competing to advise on the process, which will see the state issue paper with tenors of five to 10 with a possibility of a tenor for 30 years for foreign investors, according to Deputy Finance Minister Ahmed Kouchouk. He added that the government will most likely issue the bond on the Luxembourg Stock Exchange in September or October. Three potential legal advisors are also on a short list.

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