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Monday, 5 September 2016

Eurobond issuance will be USD 5 bn -CBE source

The Finance Ministry will meet with advisors BNP Paribas, JPMorgan, Citi and Natixis on Thursday to determine the size of the upcoming eurobond issuance, the interest rate on the bonds, and the roadshow strategy for the issuance, said Deputy Finance Minister Ahmed Kouchouk. While the issuance was initially sized at USD 3 bn, that could increase with market conditions, Kouchouk tells Youm7, saying the issuance will take place in late September. Meanwhile, an unnamed CBE official tells AMAY that the offering will be in the USD 5 bn range. That, coupled with the USD 1 bn deposit from the Emiratis, would give Egypt the USD 5-6 bn in funding it needs to raise as a condition of the three-year, USD 12-bn IMF extended fund facility.

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