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  • 22-02-23

    Egypt prepares yield of 11.62 percent for its dollar-denominated sukuk

    (MENAFN) Egypt has prepared a first yield of 11.625 percent for the sale of its three-year, dollar-denominated sukuk on Tuesday as part of the nation’s actions to resolve its foreign trading catastrophe.

    The sukuk is going to be of main size or in the range of USD500 million, in line with a document studied by a news agency.

    Egypt’s finance minister Mohamed Maait informed the agency in December that the nation was aiming at between USD1.5 billion as well as USD2.5 billion from its initial sovereign sukuk.

    To be registered on the London Stock Exchange, the sukuk is going to be released via The Egyptian Financial Co. for Sovereign Taskeek, with the finance ministry as the obligor.

    Mutual top managers and book runners on the sukuk are Abu Dhabi Islamic Bank, Citi, Credit Agricole, Emirates NBD Capital, First Abu Dhabi Bank as well as HSBC, the document on the agreement issued.

    The cash-strapped countries also deal with a USD1.25 billion Eurobond repayment on the 21st of February, and a positive sukuk issue could support repay the debt.

    MENAFN22022023000045014228ID1105613811

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