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Sunday, 31 March 2019

Egypt to take EUR-denominated eurobond issuance to market next month

Egypt to take EUR-denominated eurobond issuance to market next month: The Finance Ministry is planning to sell up to EUR 1.5 bn-worth of eurobonds in mid-April, unnamed government sources told the domestic press. Next month’s issuance constitutes the EUR-denominated portion of the USD 5 bn issuance the ministry had announced last month; Egypt has already issued a USD 4 bn tranche on the Luxembourg Stock Exchange. The ministry will also kick off a 3-4 day promotional roadshow ahead of the issuance, the sources said, without providing further details. Finance Minister Mohamed Maait had said in January that the ministry is looking to offer up to USD 7 bn in FX bonds in 1Q2019, and more USD- and EUR-denominated bonds by the end of 2Q2019.

Advisors: BNP Paribas, Natixis, Bank of Alexandria, and Standard Chartered were tapped to manage the EUR-denominated portion of the issuance. JP Morgan, HSBC, Goldman Sachs, and Citibank had advised on the USD-denominated issuance. The National Bank of Egypt and Banque Misr are “assisting with the offerings.” The ministry also picked Al Tamimi & Co. as domestic legal counsel and Dechert LLP as international legal counsel for all the offerings.

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