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Finance Ministry to choose 4 investment banks to offer dollar bonds abroad - Daily News Egypt

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Finance Ministry to choose 4 investment banks to offer dollar bonds abroad

Final decisive selection of the list will come today

The Ministry of Finance plans to choose four investment banks to manage issuing dollar-denominated bonds worth $3bn on global markets.
Government sources told Daily News Egypt that the ministry is likely to award the offering to four investment banks, including JP Morgan and Morgan Stanley.

Twenty investment banks have applied to manage the offering in a tender that closed 11 August.

Vice Minister of Finance for Fiscal Policies and Institutional Reform, Ahmed Kouchouk, had earlier told Daily News Egypt that the bonds maturity periods will range between five and 10 years, along with possible long-term bonds of up to 30 years for European and American investors.

The Finance Ministry is seeking to offer dollar-denominated bonds worth $3bn in September and October. This comes as a part of the financing for the government reform programme over three years at a total of $21bn, including a $12bn loan from the International Monetary Fund.

He added that the stock market will mostly be offering on the Luxembourg Stock Exchange, but the final decision will be made after consultation with the investment banks following their selection.

He pointed out that final decision is set to be made Thursday. As for the role of municipal adviser, he said that it will be chosen from seven applicant Egyptian law firms.



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