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Tuesday, 18 December 2018

Egypt arranging eurobond roadshow in Europe “soon”

FinMin arranging eurobond roadshow in Europe “soon”: The Finance Ministry is planning a roadshow in Europe “soon” for Egypt’s upcoming USD 4-7 bn eurobond issuance, the Finance Ministry said yesterday (pdf). A ministry delegation will hit England, France, Spain, Switzerland, and Germany, among others, according to the report. The ministry is expected to launch a tender for investment banks to act as joint lead managers for the issuance next month, and is reportedly looking to select at least one Asian bank, a government official had told us earlier this week. Several international banks in the Asian and European markets have expressed their interest in investing in Egypt’s debt, the ministry said.

Background: The ministry had launched a nondeal roadshow in Asia in October that was meant to help Egypt attract new investors to its debt market ahead of the anticipated eurobond sale. A delegation led by Finance Minister Mohamed Maait hit the South Korean capital of Seoul, and also visited Singapore, Hong Kong, China, and Japan. The issuance is expected in 1Q2019, but Egypt has also been waiting on global markets to stabilize before moving ahead with its issuances, government sources had previously told us. Maait had also said earlier this month that the Madbouly government will release details on its 1Q2019 international bond issuances sometime next month.

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