Cairo – Mubasher: The Egyptian Ministry of Finance (MoF) announced on Wednesday issuing new US dollar-denominated bonds in international stock markets during the coming period.
The issuance aims to take the maximum advantage of the improving economic conditions of emerging markets as well as the lower interest rates on local treasury-bonds (T-bonds) in Egypt's secondary market, according to a press release on Wednesday.
In addition, the issuance comes in line with the growing demand on the Egyptian international bonds from foreign investors, reflecting positively on lowering financing cost.
Five leading international investment banks were selected to promote the new issuance in international markets, in light of the finance programme of the budget for the fiscal year 2019/2020, the press release said.
The five banks include Natixis, Standard Chartered, CitiBank, JP Morgan, and BNP Paribas which all got chosen to become the offering’s lead managers and subscription receivers.
In addition, the local law firm, Al Tamimi & Company, and the global law firm, Dechert, were entitled to become the offering’s international advisers.
Translated by: Amal A. Wahaab
