Egypt
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Yields on Egypt bonds have returned to the 10% area that can allow primary market access
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Egypt and Tunisia are in a stickier state than Kenya but investors expect them to survive near-term
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Sovereigns have managed to source other financing while bond markets have closed to them
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Sovereign’s debt has traded at distressed levels this year but bonds have rallied
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Japanese investors are keen on investment grade rated African debt
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Bookrunner hails borrower’s “outstanding” result versus its regular curve despite pricing north of 10% barrier
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Last year's emerging market sell-off meant Egypt lost access to the primary bond market
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Egypt would be the first B rated issuer to print a Panda bond
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Egypt is mulling a Panda debut but its traditional investor base may also be receptive to a deal
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Sovereign will have to look outside of conventional bonds for cheaper funding
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Meanwhile, Egypt is nearing its own IMF deal but should not need to restructure its debts
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The north African country thought to have no access to international debt capital markets
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CBoM follows Nigeria and Egypt in trading below reoffer as US Treasuries sell off
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EM sovereign's dollar deal could reach $4bn
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A market that has in previous years promised much but delivered little seems finally to be growing thanks to sovereign issuance
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African Export-Import Bank launched a dual tranche dollar bond on Monday morning, with orders exceeding $3bn by midday. Emerging market bank issuers have been especially active in recent month thanks to attractive credit conditions.
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A consortium of international lenders is funding the development of Egypt’s largest solar plant.
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Three African issuers entered debt markets this week and raised cash at competitive levels, despite a difficult external backdrop of debt relief in the region and continued US rates weakness.
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Egypt and the Ivory Coast sold bonds on Monday that were heavily oversubscribed and offered little to no new issue concession. The trades, sources said, were evidence that volatility in global markets has had little impact on high yielding debt — though questions linger around investment grade EM issuance.
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The Arab Republic of Egypt entered the international bond market on Monday to sell a Reg A/144A multi-tranche dollar deal. Some participants are calling the 40 year tranche “ambitious”, as they say investor demand for duration has been weakening.
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UK Export Finance, the UK's export credit agency, has provided its largest ever overseas infrastructure guarantee to support the construction of two new monorails in Egypt. JP Morgan is leading a group of commercial lenders in providing the funding.
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Emerging market bond investors have started the year in bullish spirits, market participants said, despite rising in Covid-19 infections across Europe. Investors' thirst for yield means the market is open to all issuers, bankers believe.
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Egypt, which has already entered international debt markets twice this year, is on its way to debuting in the sukuk market following cabinet approval for an Islamic financing bill. The sovereign raised its debut syndicated loan in September that included an Islamic tranche, which bankers said was a fitting prelude to a sukuk.
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Egypt this week became the first sovereign issuer in the Middle East and North Africa to issue a green bond. The deal had been delayed by the coronavirus pandemic, bankers said, but it gained considerable traction from investors when it was finally brought to market.
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Egypt was the only regional economy to have seen its credit ratings remain stable during the Covid-19 pandemic. This underscores the impact that a series of economic reforms are having.
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Commercial International Bank (CIB) is well placed to prosper, despite some challenging global conditions. CIB chairman and managing director Hisham Ezz Al-Arab explains the bank’s strategy.
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The country has made itself a beacon for overseas investors, compelled by favourable incentives and a large and dynamic domestic market.
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Egyptian lenders are strongly capitalised, ensuring they are well placed to build for the future. Many are now looking to deliver more of their services digitally in the future.
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Two CEEMEA issuers, Egypt and Hungary's Mol, are in the market this week to raise funding. According to experts, issuers are eager to get their funding in before expected geopolitical and coronavirus-related volatility impacts markets.
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The Arab Republic of Egypt has mandated banks to arrange its debut green bond, which will be the first sovereign green bond from the Middle East and North Africa. The deal, according to bankers, has been in the works for over a year and has been delayed by the Covid-19 pandemic.
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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.
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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.
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Egypt’s debut green bond, which had been expected to come to market in the first half of the year, is on hold, according to sources. But although the coronavirus pandemic has impacted issuance for issuers such as Egypt, the green bond market is far from dead.
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Emerging market bond issuance, particularly from the Middle East, has been recovering after the brutal March shocks of Covid-19 and low oil prices. Egypt took that momentum further on Thursday as it announced a triple tranche trade.
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The Arab Republic of Egypt is set to become the first Middle East or North African sovereign to sell a green bond. But there are no “obvious suspects” for a follow-on deal, according to those in the market. While green bond issuance is taking root among the region's other borrower classes, the format has yet to grasp the attention of governments for whom, some say, the challenge of being greener is proving too great, writes Mariam Meskin.
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The Arab Republic of Egypt has hired a group of international banks to arrange its debut green bond. Though the deal will be the first sovereign issue of its kind in the Middle East and North Africa region, it adds to a string of green issuance from corporates and banks, which are developing a taste for ESG-linked debt.
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Saudi Arabian food and beverage producer Almarai has secured a $100m loan from the European Bank for Reconstruction and Development (EBRD) to support expansion in Egypt and Jordan.
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The Arab Republic of Egypt this week proved that emerging market bond investors will still part with their cash even at this stage in the year if the deal is right, while at the same time proving that ultra-long dated bond funding is open to emerging markets issuers.
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The Arab Republic of Egypt pulled in $14.5bn of demand for its $2bn triple tranche bond deal on Wednesday, in a trade that was priced well inside the sovereign's curve.
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The Arab Republic of Egypt had clocked up more than $9bn of demand for its triple tranche bond trade by lunch time on Wednesday.
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Egypt is in market promoting a new deal: three tranches of benchmark dollar funding. Its 40 year tranche will be Egypt’s longest ever deal.
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Less than a decade ago Egypt was deemed a no-go zone by many private sector investors, but now it’s an investment hotspot. We asked Sahar Nasr, Egypt’s Minister of Investment and International Co-operation, to explain what’s behind the turnaround
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Egypt’s banking system has undergone a transformation. Supported by strong economic growth and a root-and-branch reform programme put in place over the last two decades, the country’s financial institutions are now pulling their weight, providing a vital lubricant for Egypt’s economic success
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Egypt has reached a pivotal point in its new phase of economic development. For the fastest growing economy in the Middle East, and the biggest investment magnet in Africa, the task is to build on deep reforms to create a more business friendly environment, attract fresh investment and create meaningful jobs for the poorest Egyptians.
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Egyptian General Petroleum Corporation (EGPC), a frequent borrower in the loan market, launched syndication for a $400m five year term loan on Tuesday. The loan, which will have a government guarantee, is expected to attract healthy demand.