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Monday, 9 January 2017

Plan for eurobond issuance to be approved within days

Egypt’s planned eurobond roadshow will focus on Dubai, Abu Dhabi, London, New York, Boston, and Los Angeles, Al Mal reported. The eurobonds’ promoters and underwriters have completed their plans and expect them to be approved by the Finance Ministry within days, sources said. The USD 2.5-3 bn issuance is being managed by BNP Paribas, JPMorgan, Citi, and Natixis. Deputy Finance Minister Ahmed Kouchouk had said the issuances are expected to include bonds of five to ten year maturities, with also a scope for a 30-year issuance. Egypt is reportedly looking to issue a total of USD 5 bn in eurobonds in 2017.

The news comes the same day that Finance Minister Amr El Garhy briefed President Abdel Fattah El Sisi on the state of the economy and expectations of 2017, the domestic press reports.

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