22 Int'l and regional banks are vying to manage Egypt's USD bonds

27 Dec 2017

Some 22 banks, international and regional, have applied for managing Egypt's USD-denominated bonds ranging between USD3 and 4bn due to be put up for sale in international capital markets, according to minister of Finance Amr El-Garhy.

Ministry of Finance is scheduled to close today, at twelve PM, the door on receiving bids, in compliance of the advertisement published last week by the British Financial Times newspaper.

' The rising numbers of applicants implies investors' great confidence in the Egyptian economy as well in procedures taken by Egypt to reform its struggling economy,' El-Garhy told Al-Mal newspaper.

Applicants include BNP Paribas, J.P. Morgan, HSBC, Goldman Sachs, The French-based Natixis, the U.S City Bank, etc..., according to informed sources.

Four international attorney offices as well as Egypt-based ones are vying to be appointed as the legal consultancy bureau for the impending bond sale.

' The awarding will take place in the span of two weeks so as to ensure completing the the whole tendering process by late January,' said El-Garhy, noting the the winning banking consortium will be tasked with only managing the sale of the USD-bonds, as Ministry of Finance will put out to tender another EUR-denominated bond sale ranging between EURO1bn to 1.5bn and scheduled for next February.'
The winning bidder will be tasked with giving guidance to the bonds roadshow, according to informed sources.

Interest rates imposed on the 5-year governmental bonds have been slashed from 6.125% to 4.8%, ten-year bonds from 7.5% to 5.8%, 50-year bonds from 8.5% to 7.8%, El-Garhy said earlier.


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