MOF outlines terms for banks to tender managing new bond issuance
Finance ministry seeks advisors for upcoming bond issuances: The Finance Ministry issued the terms for investment banks interested in managing its next eurobond issuance and will accept applications between the end of the month and early next month, ministry sources told Al Shorouk. BNP Paribas, Citi, JP Morgan, and NATIXIS were joint bookrunners last time around. The ministry will take 3-4 weeks to review the banks’ bids. The ministry is looking for counsel on where to list the bonds (the UK, Ireland and Luxembourg are in the running), the timing of the issuance, and whether to go to market with an offering in USD or EUR. Last week Finance Minister Amr El Garhy said the government is planning on floating EUR 3-4 bn in USD bonds and EUR 1-1.5 bn in EUR bonds between January and February of next year.