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Ahram Online: Egypt picks four banks for Eurobond issuance set for April

Egypt previously raised $4 billion in a three-times oversubscribed bond issuance in February.
13.03.18 | Interesting article at Ahram Online

Egypt's Finance Ministry chose investments banks Deutsche Bank, BNP Paribas, AlexBank (a member of the Intesa Sanpaolo Group) and Standard Chartered to manage and promote a €1-1.5 billion Euro-denominated bond issuance set for April of this financial year, the ministry announced Monday in a statement.

The ministry also picked Al Tamimi & Company and US-based Dechert for the issuance as legal advisors to the government.

Egypt's $4 billion bond issuance in February was more than three-times oversubscribed.

The government is planning on issuing $3-4 billion in Eurobonds during the next fiscal year 2018/2019.

The upcoming issuance is part of the ministry's moves to fulfill funding needs in a bid to plug the budget deficit and raise its foreign currency reserves.

Egypt's foreign reserves rose to $42.524 billion by the end of February from $38.209 billion the month before, the central bank earlier this month.