UK-based institutional investors had heaviest appetite for Egypt’s recent eurobond –BNP

UK-based institutional investors accounted for 40% of demand for Egypt’s EUR 2 bn bond issuance, our friend Youssef Beshay, senior banker at BNP Paribas in Egypt, tells Al Mal. The remainder of the issuance was split between EU investors, who accounted for 30%, US investors at 20%, and investors from the Gulf and Asia at 10%. The offering was 3.8x oversubscribed, attracting orders of EUR 7.5 bn from over 350 investors from 35 countries. BNP managed the eurobond along with Deutsche Bank, Alexbank Intesa Sanpaolo and Standard Chartered. The proceeds from the issuance have landed in Egypt, a senior finance ministry official confirmed to Youm7.