EFG planning EGP 1 bn sukuk issuance for Egypt’s TMG

DEBT WATCH- EFG Hermes planning EGP 1 bn sukuk issuance for TMG? EFG Hermes will reportedly be leading a sukuk issuance worth over EGP 1 bn for Talaat Moustafa Group (TMG) as soon as it acquires a license that it has requested from the Financial Regulatory Authority (FRA), Al Mal reports, quoting sources it says are in the know. If its license request is cleared, EFG will become the second to set up a sukuk arm specialized in issuing sharia-compliant bonds. Consumer and structured-finance player Sarwa Capital was granted Egypt’s first sukuk license earlier this year.