{"id":555938,"date":"2021-10-04T04:14:16","date_gmt":"2021-10-04T04:14:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/egypts-maiden-sovereign-sukuk-could-be-in-the-usd-500-mn-range\/"},"modified":"2021-10-04T04:14:16","modified_gmt":"2021-10-04T04:14:16","slug":"egypts-maiden-sovereign-sukuk-could-be-in-the-usd-500-mn-range","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/egypts-maiden-sovereign-sukuk-could-be-in-the-usd-500-mn-range\/","title":{"rendered":"Egypt\u2019s maiden sovereign sukuk could be in the USD 500 mn range"},"content":{"rendered":"

<\/a> Egypt\u2019s maiden sovereign sukuk offering could be in the range of USD 500<\/strong> mn<\/strong>, Finance Minister Mohamed Maait told Al Mal<\/a>. The paper quotes Maait as suggesting that the issuance would not be large and would be \u201csimilar in size\u201d to Egypt\u2019s first sovereign green bond issuance<\/a> of USD 500 mn last year, which was almost 5x oversubscribed. Maait had said in June<\/a> his ministry was looking to take to market up to USD 2 bn worth of sharia-compliant bonds, though he said then that the exact size and timing of the offering was still TBD.<\/p>\n

What\u2019s the status of the issuance? <\/strong>The government is still working on identifying the state assets that will be used to back the issuance, Maait said.<\/p>\n

When will the ministry take the issuance to market? <\/strong>Possibly as early as 2022<\/strong>, the finance minister recently sai<\/a>d<\/a>. Al Mal quotes Maait as having said the executive regulations for the new Sovereign Sukuk Act would be enacted before the end of the year, paving the way<\/a> for the sukuk issuance to follow. The act was signed into law<\/a> this past August, setting up a regulatory framework allowing the state to issue a variety of sukuk in local and international debt markets. Maait had said in August that the executive regulations for the legislation would be issued within the next three months. The regulations will, when approved by the cabinet, set up a company to manage sukuk offerings as well as a regulatory body of experts.<\/p>\n

This comes as part of the government\u2019s wider debt reduction strategy<\/strong> which also entails a shift towards longer-term borrowing and increasing the average maturity of the country\u2019s debt. The government is also looking to diversify its debts through selling new \u201cfloating rate\u201d bonds<\/a>.<\/p>\n

What about \u201csustainable development bonds\u201d?<\/strong> Don\u2019t expect anything on that front till at least next year, the Finance Minister said, after having previously stated<\/a> that Egypt was considering the possibility of beginning to issue the bonds, which would be linked to Sustainable Development Goals.<\/p>\n

Need a refresher on the different types of sukuk?<\/strong> We\u2019ve got you covered with this handy explainer<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s maiden sovereign sukuk offering could be in the range of USD 500 mn, Finance Minister Mohamed Maait told Al Mal. The paper quotes Maait as suggesting that the issuance would not be large and would be \u201csimilar in size\u201d to Egypt\u2019s first sovereign green bond issuance of USD 500 mn last year, which was […]<\/p>\n","protected":false},"author":1,"featured_media":555939,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[88,72,276,224,277,3285,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-finance-ministry","tag-green-bonds","tag-mohamed-maait","tag-sovereign-sukuk-act","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"c97c3bfe-32d0-4050-a462-63cf9840b6b7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/42.jpg","photo_position":"above","related_issue":[555934],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s maiden sovereign sukuk could be in the USD 500 mn range - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/egypts-maiden-sovereign-sukuk-could-be-in-the-usd-500-mn-range\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s maiden sovereign sukuk could be in the USD 500 mn range\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s maiden sovereign sukuk offering could be in the range of USD 500 mn, Finance Minister Mohamed Maait told Al Mal. 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The government is looking to finalize the executive regulations of the Sovereign Sukuk Act by the end of the month, setting the stage for the country\u2019s c.USD 2 bn maiden issuance before the end of the fiscal year in June, Mohamed Hegazy,\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577890,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/","url_meta":{"origin":555938,"position":1},"title":"Sovereign sukuk + sustainable bond issuances coming this FY?","author":"enterpriseam admin","date":"8 December 2022","format":false,"excerpt":"FinMin could take its maiden sovereign sukuk issuance to market in 1H 2023: The Finance Ministry is planning to sell USD 1.5-2.5 bn of sukuk, a shariah-compliant debt instrument, Finance Minister Mohamed Maait told Reuters yesterday. The timing of the issuance is still undetermined and the ministry will pull the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562869,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/usd-2-bn-sovereign-sukuk-sale-coming-soon\/","url_meta":{"origin":555938,"position":2},"title":"USD 2 bn sovereign sukuk sale coming soon","author":"enterpriseam admin","date":"9 June 2021","format":false,"excerpt":"The Finance Ministry wants to go forward with a USD 2 bn sukuk issuance at the beginning of the next fiscal year in July, marking the first time ever that Egypt has issued sharia-compliant sovereign debt, Finance Minister Mohamed Maait told Al Arabiya in an interview yesterday.The caveat: Nothing is\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/130.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574953,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/28\/could-we-be-fast-approaching-our-maiden-green-bond-issuance\/","url_meta":{"origin":555938,"position":3},"title":"Could we be fast approaching our maiden green bond issuance?","author":"enterpriseam admin","date":"28 September 2020","format":false,"excerpt":"Egypt will soon go to market with its first maiden sovereign green bond, Finance Minister Mohamed Maait said yesterday, saying the ministry was \u201cpreparing to launch\u201d the offering. Maait stopped short of offering guidance on timing, but had said in July that the USD 500 mn offering was in \u201cadvanced\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543388,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/were-looking-to-join-euroclear-during-2h2022-another-round-of-green-bonds\/","url_meta":{"origin":555938,"position":4},"title":"We\u2019re looking to join Euroclear during 2H2022 + Another round of green bonds","author":"enterpriseam admin","date":"31 January 2022","format":false,"excerpt":"We likely won\u2019t join Euroclear until 2H2022: Local Egyptian debt probably won\u2019t be made \u201cEuroclearable\u201d until the second half of 2022 due to an unresolved \u201ctechnical point\u201d between the government and the Belgium-based clearinghouse, Finance Minister Mohamed Maait told CNBC Arabia (watch, runtime: 5:26).Why is Euroclear a big thing for\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/538.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564318,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/","url_meta":{"origin":555938,"position":5},"title":"Sovereign sukuk sale coming in 2H FY2021-2022","author":"enterpriseam admin","date":"24 August 2021","format":false,"excerpt":"Egypt is preparing to issue its first tranche of sovereign sukuk in the second half of FY 2021-2022, Finance Minister Mohamed Maait said in a statement today, less than a week after legislation allowing the government to sell the sharia-compliant bonds was signed into law. The ministry provided no further\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/511.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=555938"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555938\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555939"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555938"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555938"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}