Egypt’s first corporate sukuk issuance coming in two weeks

DEBT WATCH- Egypt’s first corporate sukuk issuance coming in two weeks: Aircraft leasing company CIAF Leasing is gearing up to issue Egypt’s first corporate sukuk within two weeks, CIAF Chairman Hassan Mohamed said, according to the local press. The company will issue USD 50 mn in Islamic bonds, which will be divided into a USD 7 mn tranche sold locally and a USD 43 mn tranche sold locally and to foreign investors. The first tranche will carry a tenor of three years, while the second will carry a tenor of 5-8 years. CIAF is currently in talks with local corporate and Islamic banks and other financial institutions to cover the first tranche, Mohamed said.