Egypt prepares to issue first dollar sukuk
- Advertisement -
The document showed today, Friday, that Egypt has chosen banks to sell its first issues of Islamic bonds denominated in US dollars.
The document showed that the main managers and joint bookrunners are the Islamic Bank of Abu Dhabi, Citi, Credit Agricole, Emirates NBD Capital, First Abu Dhabi Bank and HSBC. According to the document, these banks will begin meetings with investors from Friday.
This will be followed by a three-year sukuk sale of a record size – typically at least $500 million – depending on market conditions.
Egypt is conducting calls with global investors and a series of calls with fixed income investors starting today, Friday, according to what was disclosed by two people who requested anonymity for confidentiality purposes. They added that the country could issue a record dollar sukuk within three years.
The roadshows are expected to end on Monday and Egypt will decide whether to place the offer in accordance with market conditions. The country has an outstanding debt of about $39 billion in dollars and euros, of which $1.75 billion is due this year and $3.3 billion next year.
Source: agencies
