EXCLUSIVE- Seven law firms bidding to act as legal advisors in Egypt’s upcoming eurobond issuance: Seven local and international law firms, including Shalakany Law Office, Zulficar & Partners, Zaki Hashem & Partners, White & Case, and Baker McKenzie, have submitted bids to the Finance Ministry to act as legal advisors in Egypt’s upcoming eurobond issuance, a senior government official tells Enterprise. The government plans to select three or four domestic firms to act as legal counsel, in addition to one international firm, and expects to close the bidding window by next week, our source says. The government had given the Finance Ministry the green light last week to move ahead with the tenders for the issuance’s lead managers and legal advisors. The selection process for all advisors should be complete within two months, as the ministry is looking to take the issuance to market during the first half of March.

Background: Egypt is preparing to issue USD 4-7 bn worth of yen-, yuan-, USD-, and EUR-denominated bonds in 1Q2019, we reported last month. The treasury has also been waiting on global markets to stabilize before moving ahead with the issuances, government sources had previously told us. A government source told us last month that the ministry is looking for an Asian firm to join the final lineup of bookrunners, since the government’s planned issuances will largely be concentrated in Asian markets. HSBC, Citigroup, JPMorgan Chase & Co, Morgan Stanley, and National Bank of Abu Dhabi have led past issuances. Finance Minister Mohamed Maait had also said that the Madbouly government will release details on its 1Q2019 international bond issuances sometime this month.