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Tuesday, 27 March 2018

Government to issue first EUR-denominated eurobonds on Luxembourg stock exchange in three weeks’ time

The Finance Ministry is planning to issue EUR 1-1.5 bn in eurobonds on the Luxembourg stock exchange in three-weeks’ time, sources close to the matter said. The eurobonds will have tenures of seven, 12, 15, and 30 years, they added. Officials are mulling whether to take the offering north of EUR 2 bn and will make a final decision based on feedback from the first roadshow. The government had tapped BNP Paribas, Deutsche Bank, Standard Chartered, and Intesa Sanpaolo to manage the issuance. Zaki Hashem & Partners and Linklater are legal advisors to the investment banks, while Al Tamimi & Co. and Dechert were chosen as legal advisors to the government for the transaction, which will be Egypt’s first-ever EUR-denominated bond sale. The sale comes after the government concluded a USD 4 bn eurobond offering in February.

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