for 3 years
A document seen by Reuters showed today, Tuesday, that Egypt offered an initial indicative price in the range of 11.625% for dollar-denominated sukuk for a period of three years.
The document said the sukuk would be of standard size, which usually means no less than $500 million.
A document on the deal revealed on Friday that the joint managers of the deal and the underwriting managers are Abu Dhabi Islamic Bank, Citi, Credit Agricole, Emirates NBD Capital, First Abu Dhabi Bank and HSBC.
The successful sukuk issuance will help Egypt repay a 5-year, $1.25 billion international bond due on February 21.
This will be followed by the sale of a record size three-year sukuk – usually no less than $500 million – depending on market conditions.
Egypt is seeking to raise up to $1.5 billion next week by issuing dollar sukuk, the country’s first sovereign sukuk issuance.
Egypt aims to raise $5 billion in sukuk issuances within six months. The sukuk will be listed on the London Stock Exchange, and approval was obtained last week.
Expectations indicate that the issuance may be fully covered by Gulf institutions.
