HSBC, Citi among banks selected for Egypt’s first islamic bonds
Egypt has named six international lenders, including Citigroup Inc. and HSBC Holdings Plc, to manage its first sale of sovereign Islamic bonds as one of the Middle East’s most indebted nations looks to diversify funding sources and ease the burden on its economy.
Abu Dhabi Islamic Bank PJSC, Credit Agricole SA, Emirates NBD Bank PJSC and First Abu Dhabi Bank PJSC were also selected to help the government sell a sukuk of around $2 billion, according to people familiar with the decision. The issuance could take place in the second quarter of the year, said the people, who asked not to be identified because they weren’t authorized to speak to the media.