Good afternoon, wonderful people. The week has been off to a quiet start, but we don’t think that will hold — today’s light issue tackles heavy topics.
THE BIG STORY TODAY
Egypt returned to the international debt markets today with a USD 2 bn dual tranche sovereign sukuk issuance, comprising three-year and seven-year tenors, with the offering advisors inviting investors to subscribe, a senior government source told EnterpriseAM. The move marks the first international issuance of the fiscal year; composed of a USD 1.25 bn tranche for three years, with an initial yield price guidance of 8.625%, while the longer-term tranche is valued at USD 750 mn with an interest rate of 9.45%.
REMEMBER- The issuance stands as Egypt’s third-ever sovereign sukuk issuance, following June’s USD 1 bn sovereign sukuk issuance, which was fully subscribed to by Kuwait Finance House, and our maiden sukuk issuance back in 2023.
The issuance is twice as big as we were expecting, after a government source told us in August that Egypt may tap the international debt market with a new USD 1 bn sovereign sukuk tranche by September/October as a part of the country's USD 5 bn international sovereign sukuk program.
What’s next? The shariah-compliant bonds will be listed on the London Stock Exchange when issuance is closed, we were told.
THE BIG STORY ABROAD
Despite Trump’s optimism about plans to end the war in Gaza, Israeli tanks advanced deeper into Gaza City ahead of talks with Netanyahu. US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu are set to meet at the White House today to discuss what Trump claims could be a breakthrough plan to end the nearly three-year bombardment of Gaza. “We have a real chance for greatness in the Middle East,” Trump posted on Truth Social. “All are on board for something special, first time ever.”
Israeli tanks have positioned themselves a few hundred meters from Gaza City’s main Al Shifa Hospital — where doctors say hundreds of patients are still being treated — just hours before Trump and Netanyahu are set to meet. Health officials said that tanks have also surrounded the area near Al Helou Hospital, where 90 patients were being treated, including 12 babies in incubators. Medics said the hospital was shelled overnight.
The meeting follows a week in which Israel’s international isolation deepened, as Britain, France, and other European countries announced their recognition of a Palestinian state. Even longtime Israel champion Trump has voiced his impatience with the attacks — which enter their third year in October — saying he would “not allow” Israel to annex parts of the occupied West Bank, which many Palestinians hope will be part of a future state. (Reuters | Bloomberg | NYT | CNN)
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
☀️ TOMORROW’S WEATHER- The mercury is still climbing, with the capital seeing a high of 34°C tomorrow before cooling to 22°C at night, according to our favorite weather app.





