Eurobond issuance coming any day now – El Garhy
Eurobond issuance coming any day now: Egypt will be issuing USD 4-5 bn in eurobonds “within days,” said Finance Minister Amr El Garhy on Sunday, according to Reuters. The timing was chosen to coincide with climbing yields in the international bond market, El Garhy said at a presser yesterday following a meeting with Prime Minister Sherif Ismail, according to Youm7. El Garhy has previously said that the bonds will be issued on the London and Luxembourg stock exchanges. HSBC, Citigroup, JPMorgan Chase & Co, Morgan Stanley, and National Bank of Abu Dhabi will be managing the issuance. Al Tamimi & Co. and Dechert LLP were chosen as legal advisors to the government and Linklater LLP and Zaki Hashem & Partners are advising the banking consortium.
El Garhy says there are no issues with the state IPO program: El Garhy also dismissed rumors that there were issues concerning the state IPO program, as the schedule and the timeline had not been announced yet. El Garhy said that procedures for the program had been ironed out, adding that the ball is rolling on the IPO of energy firm Enppi, though a timeline for the transaction has yet to be made clear. El Garhy also dismissed previous statements attributed to government officials that the state is expecting to net EGP 10 bn from the IPO of state assets over the coming three year, Al Masry Al Youm reports. He added that the government will list 8-10 companies over the next 18 months.