North Africa
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Egypt has picked four international banks to manage its upcoming bond sale as it awaits approval on a $12bn extended fund facility (EFF) from the IMF’s executive board. -
Egypt has picked four international banks to manage its upcoming bond sale as it awaits approval on a $12bn extended fund facility (EFF) from the IMF’s executive board.
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Sovereign mandates are starting to trickle through in CEEMEA as borrowers ready themselves for September. Bahrain has picked five banks to manage a dollar transaction and the market is waiting for updates from Egypt and Nigeria.
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The deadline for responses to Egypt’s RFP passed at noon in Cairo on Thursday with a decision on the mandate expected as soon as early next week, said one DCM banker.
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African Export-Import Bank has appointed a new director for syndications, after hiring another senior loan syndication banker earlier this summer.
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Public sector dollar flow picked up on Wednesday after a quiet start to the week, as World Bank brought a four year benchmark and Tunisia sold a bond backed by the US government.
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Egypt published a request for proposals for a new dollar bond on Wednesday as it works towards an agreement with the International Monetary Fund.
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The International Monetary Fund approved on Friday a two-year precautionary liquidity line (PLL) to Morocco to support the country as it pursues a reform agenda.
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Shares in Marsa Maroc, the Moroccan port terminal operator and cargo handler, have risen 20% this week after they began trading on the Casablanca exchange on Tuesday following the company's Dh1.9bn ($194m) IPO.
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The former head of loan syndication at African Development Bank has left for a role at a developmental financial institution in Cairo.
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USAID has extended a $500m guarantee that will enable Tunisia to access affordable financing from the international capital markets, after plans for standalone access were put on hold in April.
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Cleopatra Hospital Co has raised E£360m ($40m) with an IPO that its vice-chairman said was a sign of renewed investor confidence in Egypt’s capital markets and healthcare sector.
