{"id":581756,"date":"2023-02-23T00:00:00","date_gmt":"2023-02-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/"},"modified":"2023-02-23T00:00:00","modified_gmt":"2023-02-23T00:00:00","slug":"egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/","title":{"rendered":"Egypt\u2019s debut USD 1.5 bn sovereign sukuk issuance wraps 4x oversubscribed"},"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=\"\"> <\/span><span style=\"font-weight:700\">Egypt closes USD 1.5 bn sukuk issuance:<\/span><span style=\"\"> The Finance Ministry <\/span><span style=\"\">successfully <\/span><span>closed its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/22\/its-showtime-for-our-maiden-sovereign-sukuk-issuance-97578\/\" style=\"\">maiden sukuk issua<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/22\/its-showtime-for-our-maiden-sovereign-sukuk-issuance-97578\/\" style=\"\">nce<\/a><\/span><span> ye<\/span><span>sterday morning, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/41fMpIL\" style=\"\">a statement<\/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\">The USD 1.5 bn issuance was c.4x oversubscribed<\/span><span>, <\/span><span style=\"\">attracting an order book of USD 6.1 b<\/span><span>n, the ministry said. <\/span><span style=\"font-weight:700\">This narrowed the final yield to 10.875%<\/span><span> from an initial guidance price of 11.625%<\/span><span>.<\/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\">Who subscribed? <\/span><span>Some 250 global investors subscribed to the sukuk, which attracted new investors to Egypt from markets including the Gulf and East Asia as well as the US and Europe, the ministry said.<\/span><span style=\"font-weight:700\"> <\/span><span>Investors included asset managers, pension funds, ins. and investment funds, and banks. <\/span><span style=\"font-weight:400;\">The bonds will be traded in the secondary market on the London Stock Exchange (LSE).<\/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 to come:<\/span><span> The issuance is the first in a <\/span><span>three-year<\/span><span>, USD 5 bn sukuk program, the ministry said. Moody\u2019s last week <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip: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:400;\"> to the USD 5 bn sukuk program, which will be used to finance investment and development projects. <\/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\">Costly refinancing: <\/span><span style=\"\">The proceeds helped Egypt to fund the repayment of a USD 1.25 bn <\/span><span>eurobond on Tuesday. Those bonds carried an interest rate of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/article\/idUSL1N35109B\" style=\"\">5.577%<\/a><\/span><span style=\"font-weight:400;\">, almost half the rate that the country will be paying on the sukuk.<\/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> Egypt has been unable to access fresh finance from the international capital 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=\"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\">More debt issuances in the pipeline?<\/span><span> The sale could pave the way for more issuances this 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> 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=\"font-weight:400;\"> 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=\"font-weight:400;\">Our friends 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. 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","protected":false},"excerpt":{"rendered":"<p>Egypt closes USD 1.5 bn sukuk issuance: The Finance Ministry successfully closed its maiden sukuk issuance yesterday morning, it said in a statement. The USD 1.5 bn issuance was c.4x oversubscribed, attracting an order book of USD 6.1 bn, the ministry said. This narrowed the final yield to 10.875% from an initial guidance price of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581757,"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-581756","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":"6152c0e0-66bd-48d5-b73f-1de6cac73e6c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/EGP-USD-1600px.jpg","photo_position":"below","homepage_title":"Egypt\u2019s debut sovereign sukuk issuance wraps 4x oversubscribed","full_issue_title":"","related_issue":[581751],"teaser":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt\u2019s debut USD 1.5 bn sovereign sukuk issuance wraps 4x oversubscribed - 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\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s debut USD 1.5 bn sovereign sukuk issuance wraps 4x oversubscribed\" \/>\n<meta property=\"og:description\" content=\"Egypt closes USD 1.5 bn sukuk issuance: The Finance Ministry successfully closed its maiden sukuk issuance yesterday morning, it said in a statement. 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The USD 1.5 bn issuance was c.4x oversubscribed, attracting an order book of USD 6.1 bn, the ministry said. This narrowed the final yield to 10.875% from an initial guidance price of [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2023-02-23T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/EGP-USD-1600px.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Egypt\u2019s debut USD 1.5 bn sovereign sukuk issuance wraps 4x oversubscribed","datePublished":"2023-02-23T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/"},"wordCount":374,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/EGP-USD-1600px.jpg?fit=%2C&ssl=1","keywords":["debt watch","EnterpriseAM","Finance Ministry","sukuk"],"articleSection":["DEBT WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/","url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/","name":"Egypt\u2019s debut USD 1.5 bn sovereign sukuk issuance wraps 4x oversubscribed - 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