Egypt mandates banks for debut sukuk sale


Egypt has appointed a number of banks to manage its potential debut sale of sukuk, sources familiar with the matter told Bloomberg on February 17th.

The hired banks, namely Citigroup Inc, Credit Agricole SA, Emirates NBD Capital, First Abu Dhabi Bank PJSC, HSBC Plc, and Abu Dhabi Islamic Bank, will act as joint lead managers and joint bookrunners.

The state has already begun conducting a global investor call as well as fixed-income investor calls as of February 17th to promote the Islamic bonds’ sale.

The roadshows are expected to end on February 20th, with decisions on the sale to be based on market conditions.

On February 15th, it was reported that Egypt considers raising up to $1.5 billion through a debut sale of sukuk.

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