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Wednesday, 22 February 2023

Egypt closes its maiden sukuk issuance with a c.4x oversubscription

Good afternoon, ladies and gentlemen. It’s a brisk news day as we get closer to the weekend here in Omm El Donia.


Egypt closes its USD 1.5 bn sukuk issuance: The Finance Ministry successfully closed its maiden sukuk issuance on the London Stock Exchange (LSE) this morning, according to a statement. The USD 1.5 bn issuance was c.4x oversubscribed, leading the final yield to drop to 10.875% from an initial guidance price of 11.625%. Some 250 global investors subscribed to the sukuk, which attracted new investors to our debt from markets including the Gulf and East Asia as well as the US and Europe. “The yield on the issuance is a very lucrative rate for investors, and high demand for the sukuk bonds was expected,” economist Mona Bedeir told Enterprise.

More to come: The issuance is the first in a multiple-year, USD 5 bn sukuk program that the government will execute through the LSE, according to the statement.


It’s one of those days where there isn’t a unifying story leading the conversation in the international business press. Among the front page stories:

  • Biden will meet with NATO's eastern flank leaders, while China's top diplomat holds talks in Moscow. (Reuters)
  • Turkey’s Erdogan clings to his ideal election date despite earthquakes. (Bloomberg)
  • Investors increase bets on ECB lifting rates to all-time high. (Financial Times)


You can go visit the GEM this week: The Grand Egyptian Museum is now accepting online reservations for a limited number of guided tours, according to its official website. The guided tours include access to the exterior gardens, the Conference Center, the commercial area with cafes and restaurants, and the Atrium with its colossal (and picturesque) statue of Ramses II. Visitors can choose from four different time slots between 9am-6pm, with tickets ranging between EGP 75-150 for Egyptians, and EGP 500-1k for non-Egyptians.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • EFG Hermes’ Vortex invests in UK EV charging firm: Vortex Energy — the clean energy investment platform from our friends at EFG Hermes Holding — and London-based private equity and infrastructure fund manager Zouk Capital are making an USD 80 mn equity investment in British EV charging outfit EO Charging.
  • Gov’t reveals names of four companies awarded golden licenses: Hassan Allam Utilities, developer Bloom Real Estate Development, truckmaker National Company for Transport Industry (N-MCV), and Vaccine & Biotechnology City Company were the recipients.
  • Cairo Metro Line 4 to link to the new capital + Monorail goes live in 2024: The under-construction fourth metro line will run from Al Rehab to the new capital via Madinaty, while the eastern section of Cairo’s monorail, which connects Nasr City to the new capital, will open its doors to passengers in early 2024, Transport Minister Kamel El Wazir said.


Sports Expo 2023 opens its doors: Head down to the Al-Manara Convention Center to meet global athletes, stock up on all sporting equipment, or hear about Egypt’s 2036 Olympics bid at Sports Expo 2023. The government-hosted event will bring together private- and public-sector players in the fitness and health sectors and related industries and will be open until Saturday 25 February.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 20°C tomorrow during the day before falling to 10°C at night, our favorite weather app tells us.

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