Could Raya Holding break a decade-long dry spell in Egypt’s corporate bond market? Raya Holding is planning to issue EGP 500 mn worth of three-year bonds to finance its expansion without resorting to high-interest rates on bank loans, Al Mal reports. The issuance could take place before the end of the year. Raya has reportedly named EFG Hermes to manage the issuance. Middle East Ratings and Investors Service (Meris) is doing duties on the rating, while Norton Rose Fulbright is reportedly on board as legal counsel.

Egypt’s corporate bond market has been in stasis for years: The last significant issuance was by the then-Mobinil in 2009. Porto Groupsaid in March that it was considering issuing corporate bonds and had reportedly hired Sarwa Capital to study the prospects.

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