{"id":581695,"date":"2023-02-20T00:00:00","date_gmt":"2023-02-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/this-morning-sukuk-roadshow-ends-today\/"},"modified":"2023-02-20T00:00:00","modified_gmt":"2023-02-20T00:00:00","slug":"this-morning-sukuk-roadshow-ends-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/this-morning-sukuk-roadshow-ends-today\/","title":{"rendered":"THIS MORNING: Sukuk roadshow ends today"},"content":{"rendered":"

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Good morning, ladies and gents. <\/span>If you read nothing else this morning, make sure you check out the results of the 2023 Enterprise Reader Poll<\/span>, which we\u2019re publishing in this morning\u2019s issue. <\/span><\/p>\n

No sugarcoating: It doesn\u2019t always make for cheery reading<\/span>. In the four months since we last did this, you have become noticeably more gloomy about the prospects for the economy, and in between soaring inflation, a weaker EGP and struggles accessing FX, the results are as downbeat as you\u2019re probably expecting. <\/span><\/p>\n

Yes, but: <\/span>That\u2019s not to say it\u2019s all bad news, though. Investment plans seem to be holding up and positivity over M&A and FDI prospects remains.<\/span><\/p>\n

We have the full results in this morning\u2019s news well, below.<\/span><\/p>\n

WHAT\u2019S HAPPENING TODAY-<\/span><\/p>\n

<\/span>Stay tuned for a sukuk update: <\/span><<\/span>wwtt2><\/span>Investment banks are expected to <\/span>wrap up calls with investors<\/a><\/span> <\/span>regarding Egypt\u2019s potential sovereign sukuk issuance today<\/wwtt2>, meaning we could just be a few hours away from learning whether the sale is going ahead, and \u2014 if it is \u2014 how much the government could raise. Both Bloomberg and Reuters have reported that the Finance Ministry is planning to sell a benchmark-sized USD-denominated sukuk \u2014 usually at least around USD 500 mn \u2014 with a three-year tenor.<\/span><\/p>\n

Who\u2019s working on the issuance:<\/span> Our friends at HSBC are acting as lead managers and <\/span>bookrunners along with Citigroup, Credit Agricole, Emirates NBD Capital, First Abu Dhabi Bank and Abu Dhabi Islamic Bank.<\/span><\/p>\n

Uzbekistan President Shavkat Mirziyoyev starts a two-day visit to Egypt<\/span>:<\/span> <\/span>Mirziyoyev will hold \u201chigh-level talks on a wide range of issues to further strengthen Uzbekistan-Egypt relations,\u201d <\/span>a statement<\/a><\/span> from the president\u2019s office said, without disclosing details. The country\u2019s investment, industry and trade minister, Laziz Kudratov, <\/span>said<\/a><\/span> the visit will \u201cmark a new start for investment relations\u201d between the two countries. Kudratov was speaking in Cairo yesterday at the Egyptian-Uzbekistan business council, during which several MoUs were signed between Egyptian private companies and the Uzbek government to invest in the pharma, textile, energy, electricity and healthcare sectors.<\/span><\/p>\n

ON THE SENATE THE AGENDA-<\/span><\/p>\n