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Sunday, 30 October 2016

EFG Hermes + HSBC selected as financial advisor on Banque Du Caire IPO

EFG Hermes and HSBC will lead Banque du Caire’s IPO, said Deputy Finance Minister Ahmed Kouchouk. EFG Hermes edged out CI Capital, Morgan Stanley, and a partnership between Pharos and Deutsche Bank. Kouchouk confirmed the transaction could begin unfolding as early as 1Q17. Talks are ongoing about how much of the bank will be on offer, Al Borsa reports.

Meanwhile, speaking on the USD 3 bn Eurobond issuance, Kouchouk stated that the government is gauging investor interest while working on timing and how much liquidity is available, Al Mal reports. Saudi Arabia’s recent bond issue raised USD 17.5 bn in its issue this month, and received orders for USD 67 bn. The Saudi issue had been stated as a reason behind the delay in Egypt’s bond.

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