{"id":581227,"date":"2023-02-22T00:00:00","date_gmt":"2023-02-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/its-showtime-for-our-maiden-sovereign-sukuk-issuance\/"},"modified":"2023-02-22T00:00:00","modified_gmt":"2023-02-22T00:00:00","slug":"its-showtime-for-our-maiden-sovereign-sukuk-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/its-showtime-for-our-maiden-sovereign-sukuk-issuance\/","title":{"rendered":"It\u2019s showtime for our maiden sovereign sukuk issuance"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Egypt has pulled the trigger on its maiden sukuk issuance: <\/span><span style=\"\">Egypt is on course to <\/span><span style=\"\">raise <\/span><span style=\"\">USD 1.<\/span><span style=\"\">5 bn from <\/span><span style=\"\">a sale of three-year sukuk, sources with knowledge of the issuance told Enterprise yesterday. <\/span><span style=\"\">The offering was about 3.5x oversubscribed.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Strong demand:<\/span><span style=\"\"> The debut issuance landed orders totalling USD 5.8 bn, interest from the joint <\/span><span style=\"\">lead managers, according to a term sheet seen by<\/span><span style=\"font-weight:700\"> <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-21\/egypt-starts-debut-islamic-debt-sale-ahead-of-eurobond-payment\" style=\"\">Bloomberg<\/a><\/span><span style=\"\">, while CNBC says the order book topped USD 5.35 bn.<\/span><span style=\"\"> <\/span><span style=\"font-weight:700\">The final guidance price<\/span><span style=\"\"> looks like it will be somewhere between 11.00% (per Reuters) and 11.125% (\u00b1 1\/8th) (per Bloomberg)<\/span><span style=\"\">, both of which say they have seen term sheets. Initial guidance on yield was around 11.625%<\/span><span style=\"\">.<\/span><span style=\"font-weight:400;\"> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next? <\/span><span style=\"\">The <\/span><span style=\"\">sharia-compliant b<\/span><span style=\"\">onds will be listed on the London Stock Exchange.<\/span><span style=\"\"> The issuance is expected to close later this morning, <\/span><span style=\"\">one of the sources told<\/span><span style=\"font-weight:400;\"> us.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER-<\/span><span style=\"\"> The finance will <\/span><span style=\"\">help Egypt replenish stocks after a<\/span><span style=\"\"> USD 1.25 bn eurobond repayment due yesterday; <\/span><span style=\"\">those bonds carried an interest rate of 5.577%, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/article\/idUSL1N35109B\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Moody\u2019s last week <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/16\/this-morning-sovereign-sukuk-as-soon-as-next-week-and-worth-up-to-usd-5-bn-97056\/\" style=\"\">gave a (P) B3 rating<\/a><\/span><span style=\"font-weight:700\"> to a potential USD 5 bn sukuk program<\/span><span style=\"\"> which <\/span><span style=\"\">would be used to finance investment and development projects. The rating agency <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/08\/moodys-downgrades-egypts-credit-rating-for-first-time-since-2013-95854\/\" style=\"\">downgraded Egypt\u2019s sovereign credit rating<\/a><\/span><span style=\"\"> due to the country\u2019s increased vulnerability to external shocks.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">BACKGROUND: <\/span><span style=\"\">Egypt has been unable to access fresh finance from the international capital <\/span><span style=\"\">market over the past year due to the knock-on effects of the war in Ukraine and tighter global financial conditions. The sukuk issuance is Egypt\u2019s first international debt sale since <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/03\/27\/we-made-our-samurai-bond-debut-phd-closes-its-egp-3-25-bn-sukuk-offering-67678\/\" style=\"\">last March<\/a><\/span><span style=\"\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More debt issuances in the pipeline: <\/span><span style=\"\">The sale could pave the way for more issuances this <\/span><span style=\"\">year as the government looks to finance upcoming debt repayments. The Finance Ministry had been planning to issue its maiden USD 500 mn CNY-denominated <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/05\/we-could-see-the-first-tranche-of-our-imf-loan-before-the-new-year-says-maait-90239\/\" style=\"\">panda bond<\/a><\/span><span style=\"\"> <\/span><span style=\"\">in China in 1Q 2023, and previously said it would issue <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy-90642\/\" style=\"\">USD 500 mn of sustainable development bonds<\/a><\/span><span style=\"\"> <\/span><span style=\"\">before the end of the current fiscal year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors: <\/span><span style=\"\">Our f<\/span><span style=\"\">riends at HSBC are acting as lead managers and bookrunners along with Citigroup, Credit Agricole, Emirates NBD Capital, First Abu Dhabi Bank and Abu Dhabi Islamic Bank.<\/span><span style=\"font-weight:400;\"> Adsero-Ragy Soliman and Partners and Clifford Chance provided legal advice to the Finance Ministry, and Zaki Hashem & Partners and Linklaters acted as counsel to the joint lead managers.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The issuance was discussed on the airwaves last night<\/span><span style=\"\">, with Kelma Akhira\u2019s Lamees El <\/span><span>Hadidi opining that the strong demand reflected \u201cconfidence in the Egyptian economy\u201d (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=HmTJY3psQ0E\" style=\"\">watch, runtime: 2:21<\/a><\/span><span>). This was echoed by former Blom Bank Egypt deputy managing director Tarek Metwally on the show, who described the sale as a \u201chuge success\u201d despite the economic headwinds at home and abroad (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=62TbAakPPnk\" style=\"\">watch, runtime: 7:47<\/a><\/span><span style=\"font-weight:400;\">).  He sees the final guidance prices as \u201cfair\u201d given a rise in the USD index and Moody\u2019s recent downgrade of our sovereign credit rating.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The final guidance price is 11.125%<\/p>\n","protected":false},"author":1,"featured_media":581228,"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":[88,72,276,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-finance-ministry","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"8098cfcf-0e05-49cc-8f1a-20cdc83b9059","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/EGP-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt issues first sovereign sukuk ever","related_issue":[581222],"teaser":"The final guidance price is 11.125%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.7853ab3f-0369-4cec-99d2-9cf8469ef487.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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