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Egypt to start investor meetings for debut islamic-bond sale

Egypt will start meeting investors this week before a potential debut sale of Islamic bonds known as sukuk.
18.02.23 | Source: Financial post

The Arab Republic will conduct a global investor call and a series of fixed-income investor calls starting Friday, two people said, asking not to be identified because the information isn’t yet public. The nation may sell a benchmark-sized USD sukuk with a three-year tenor, they said.


Egypt has mandated Citigroup Inc, Credit Agricole SA, Emirates NBD Capital, First Abu Dhabi Bank PJSC, HSBC Plc and Abu Dhabi Islamic Bank PJSC as joint lead managers and joint bookrunners, they said, confirming a Bloomberg News report. 


Egypt one of the region’s most indebted countries, is trying to overhaul an economy tipped into crisis by Russia’s invasion of Ukraine, which sent food and energy prices soaring and hit tourism revenues. Last week, Moody’s Investors Service downgraded the country’s credit rating deeper into junk territory, citing what it said was a declining ability to absorb shocks.  


The roadshows are expected to end on Monday and the country will decide on the sale depending on market conditions. Egypt has about $39 billion in outstanding debt in dollars and euros, including $1.75 billion due this year and $3.3 billion next year, according to data compiled by Bloomberg.