by Amruth Sundarkumar | Aug 12, 2022 | Sovereign Bonds, Sovereigns
Egypt is said to be in private talks with regional and international banks such as First Abu Dhabi Bank and Abu Dhabi Commercial Bank to borrow $2.5bn of foreign currency. This is to curb its widening current account deficit, which was largely due to diminishing...
by Amruth Sundarkumar | Jun 7, 2022 | Sovereign Bonds, Sovereigns
Egypt’s foreign exchange reserves fell by $2bn in May to $35.5bn after it paid back external debt, i.e., a coupon on its sovereign Eurobonds and a principal and interest payment on debt owed to the IMF. Egypt said that the remaining holdings are “within all...
by Amruth Sundarkumar | Feb 24, 2022 | Sovereign Bonds
Egypt has planned its debut sale of a sovereign sukuk to the tune of around $2bn, according to sources. It has hired banks like HSBC, Citigroup, Abu Dhabi Islamic Bank, Credit Agricole, Emirates NBD and First Abu Dhabi Bank to manage the sale. Sources note that the...
by Megha Malhotra | Jan 18, 2022 | Sovereign Bonds
Egypt is planning to issue $2bn through sovereign sukuk and over $750mn through green bonds. This would mark Egypt’s first sukuk issuance since the Egyptian parliament approved the Sovereign Instrument Law last year to formally allow the issuance of sukuk....
by bondevalue | Sep 9, 2019 | Sovereign Bonds
Egypt plans to issue US$3 billion to US$7 billion of international bonds by the end of its 2020 financial year. The sovereign had borrowed heavily from overseas sources since a $12 billion IMF-backed economic reform programme was agreed upon in late 2016, and now...
