Diversification tops Egypt agenda for debut syndicated loan
The Arab Republic of Egypt — a frequent bond issuer — has signed its first syndicated loan. Egypt’s debut in the market, bankers said, is an attempt to diversify its funding to support an expanding state budget, just months after its debut green bond was delayed due to Covid-19. Mariam Meskin reports.
The $2bn one year loan consists of a $1.5bn conventional tranche and a $500m Islamic Shariah-compliant tranche, known as a Murabaha tranche.
ABC Islamic Bank, Arab Banking Corp, HSBC, Mashreqbank, Standard Chartered and SMBC were mandated lead arrangers and bookrunners.Bankers on the deal confirmed this was Egypt’s ...