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Egypt to Sell Debut Sukuk in Q2
February 24, 2022
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 issuance could come in Q2 2022. Bloomberg notes that Egypt planned to issue its debut sukuk four years ago, ‘but opted to move ahead instead with other international issuances to help cover financing needs’. The nation is currently rated B2/B/B+ (Moody’s/S&P/Fitch). The expected issuance by Egypt comes after similar rated sovereign Turkey (B2/B+/B+) only recently raised $3bn via a 5Y sukuk at a yield of 7.25%. Egypt last tapped dollar bond markets in September 2021, raising $3bn via a three-trancher.
Egypt’s dollar bonds were slightly lower with its 7.625% 2030s down 1.3 points to 96.13, yielding 8.25%.
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