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Tuesday, 29 June 2021

Egypt’s first corporate green bond sale to be announced tomorrow?

Meanwhile, Egypt’s first corporate green bonds sale is getting FRA signoff tomorrow, Omran said during the press conference. While he made no mention of the issuer, the only company we know to have announced a corporate green bond issuance are our friends at CIB, which is looking to take to market up to USD 100 mn-worth of climate-friendly debt. The bank has been in talks with the International Finance Corporation (IFC) to participate in the issuance. A representative from the FRA was unavailable to comment as of dispatch time, and officials at CIB declined to comment on Omran’s statement.

Background: The sale was previously expected to take place in October 2020, back when CIB’s head of debt capital markets Heba Abdellatif told us that due diligence was in its final stages. The IFC, which the bank has been previously courting, was looking to invest USD 65 mn in the first tranche of what were said to be five-year bonds, before potentially increasing its investment to USD 100 mn in another tranche. Here’s all you need to know about the sale.

IN OTHER FRA NEWS –

The authority has approved ADQ’s offer to acquire 100% of Amoun Pharma, the regulator said in an EGX filing (pdf). A subsidiary of Abu Dhabi’s sovereign wealth fund ADQ, Ultra Welfare Limited, will offer EGP 37.8 per share for a total of 272.2 mn shares, amounting to EGP 10.3 bn in total. The FRA was previously reviewing the MTO before giving its final nod.

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