Egypt

The Arab Republic of Egypt has released initial price guidance for its triple tranche bond at levels that have caught investors’ attention. A large deal is expected.

Renaissiance Capital has hired a new vice president of financial services research at its branch in Cairo.

The Middle East and North Africa region will provide a large chunk of emerging market bond supply in 2019, investors said this week. The region provides excellent value, in spite of fluctuations in the oil price.

Egypt is revamping its capital markets presence, lining up a debut in the green bond market, a first deal in an Asian currency, and dollar and euro benchmarks all by the end of its fiscal year in June.

African equity capital markets deals could bolster emerging market issuance figures this year and provide a post-Brexit boost for London where some firms are tipped to dual-list.

Telecom Egypt has signed its $500m loan, with 11 mostly Gulf region banks joining the trade during the syndication process.

Renaissance Capital has appointed Marios Hadjiyiannakis as chairman of the board of directors in Egypt, and Amr Helal as chief executive officer for North Africa.

Hassan Allam, the Egyptian construction firm and utilities firm, intends to list shares on both the local Egyptian Exchange and in London through the sale of global depository receipts.

Egypt’s Oilex has signed a E£2.4bn ($134m) loan from regional lenders, as the country continues to draw in international financing after a stamp of approval from the IMF.

Lenders have been “very significantly” scaled back in a $1bn loan for Egyptian General Petroleum Corp (EGPC), as demand for the pre-export finance deal far surpassed the cross-border trade linked to the loan’s structure.

Telecom Egypt has launched a $500m five year loan into syndication, with next week’s Eid al-Adha celebrations expected to stretch out the process until around the end of September.

More details of Telecom Egypt’s dollar financing have emerged that show the extent of Chinese state support for the company.