Egypt debuts in syndicated loan market with dual deal

AdobeStock_Egyptflag_575x375_01Sept2020
By Mariam Meskin
01 Sep 2020

The Arab Republic of Egypt has secured its debut syndicated conventional and Islamic facility from a range of local and international lenders as it attempts to support the state budget, which has come under major pressure during the coronavirus crisis.

Egypt, rated B2/B/B+, launched the loan at $1.5bn and later increased it to $2bn after receiving oversubscription. The deal consists of conventional and Islamic Shariah-compliant tranches, both in dollars. 

The one year facility will be used to support Egypt’s budget requirements and support the economy during the ...

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