Cairo – Mubasher: Egypt has picked up four European banks to manage its anticipated euro-denominated bond sale this fiscal year, according to a statement by the finance ministry on Monday.
The new bonds are part of the ministry’s effort to maintain plugging the country’s budget deficit, the ministry highlighted.
The ministry has hired Deutsche Bank, BNP Paribas, Intesa Sanpaolo, and Standard Chartered to issue euro-denominated bond worth between EUR 1 billion and EUR 1.5 billion, the statement added.
It is worth note that Al Tamimi & Co. Law Firm and Dechert LLP are the legal advisers. Given that both firms had previously participated in the $4 billion Eurobond issuance last February.
Earlier this month, Egyptian finance minister Amr El-Garhy said that ten investment banks have submitted to a bid for selecting banks to manage the euro-denominated bond issuance next April.
In February, the North African nation issued Eurobonds worth $4 billion which have been oversubscribed three times.
The minister said last month that the Arab world's most populous country would start talks with European banks to issue around EUR 1.5 billion bonds.
