{"id":583382,"date":"2023-02-22T00:00:00","date_gmt":"2023-02-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/this-evening-egypt-closes-its-maiden-sukuk-issuance-with-a-c-4x-oversubscription\/"},"modified":"2023-02-22T00:00:00","modified_gmt":"2023-02-22T00:00:00","slug":"this-evening-egypt-closes-its-maiden-sukuk-issuance-with-a-c-4x-oversubscription","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/this-evening-egypt-closes-its-maiden-sukuk-issuance-with-a-c-4x-oversubscription\/","title":{"rendered":"THIS EVENING: Egypt closes its maiden sukuk issuance with a c.4x oversubscription"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good afternoon, ladies and gentlemen.<\/span><span style=\"font-weight:400;\"> It\u2019s a brisk news day as we get closer to the weekend here in Omm El Donia.<\/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 BIG STORY TODAY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/span><span style=\"font-weight:700\">Egypt closes its USD 1.5 bn sukuk issuance:<\/span><span style=\"\"> The Finance Ministry 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 issuance<\/a><\/span><span> on the London Stock Exchange (LSE)<\/span><span> this morning,  according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/41fMpIL\" style=\"\">statement<\/a><\/span><span style=\"font-weight:400;\">. The USD 1.5 bn issuance was c.4x oversubscribed, leading the final yield to drop to 10.875% from an initial guidance price of 11.625%. Some 250 global investors subscribed to the sukuk, which attracted new investors to our debt from markets including the Gulf and East Asia as well as the US and Europe. \u201cThe yield on the issuance is a very lucrative rate for investors, and high demand for the sukuk bonds was expected,\u201d economist Mona Bedeir told Enterprise. <\/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 style=\"\">The issuance is the first in a multiple-year, USD 5 bn sukuk program that the <\/span><span style=\"font-weight:400;\">government will execute through the LSE, according to the statement. <\/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 BIG STORY ABROAD<\/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\">It\u2019s one of those days where there isn\u2019t a unifying story leading the conversation in the international business press<\/span><span style=\"font-weight:400;\">. Among the front page stories:<\/span><\/p>\n<ul>\n<li><span>Biden will meet with NATO's eastern flank leaders, while China's top diplomat holds talks in Moscow. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/europe\/putin-suspends-nuclear-pact-biden-says-support-ukraine-will-not-waver-2023-02-21\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span>Turkey\u2019s Erdogan clings to his ideal election date despite earthquakes. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-22\/erdogan-clings-to-his-ideal-election-date-despite-earthquakes?srnd=premium-middle-east#xj4y7vzkg\" style=\"\">Bloomberg<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span>Investors increase bets on ECB lifting rates to all-time high. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/fba2101e-aa62-4f73-ad8a-958e442234a9\" style=\"\">Financial Times<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING NOW-<\/span><\/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\"> You can go visit the GEM this week: <\/span><span style=\"\">The Grand Egyptian Museum is now accepting online <\/span><span>reservations for a limited number of guided tours, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gem-tickets.com\/en\/home\" style=\"\">official website.<\/a><\/span><span style=\"font-weight:400;\"> The guided tours include access to the exterior gardens, the Conference Center, the commercial area with cafes and restaurants, and the Atrium with its colossal (and picturesque) statue of Ramses II. Visitors can choose from four different time slots between 9am-6pm, with tickets ranging between EGP 75-150 for Egyptians, and EGP 500-1k for non-Egyptians.<\/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;\">** CATCH UP QUICK on the top stories from today\u2019s EnterpriseAM:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">EFG Hermes\u2019 Vortex invests in UK EV charging firm:<\/span><span> Vortex Energy \u2014 the clean energy investment platform from our friends at EFG Hermes Holding \u2014 and London-based private equity and infrastructure fund manager Zouk Capital <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/22\/this-morning-the-finmin-took-its-debut-sukuk-issuance-to-market-yesterday-97576\/\" style=\"\">are making<\/a><\/span><span style=\"font-weight:400;\"> an USD 80 mn equity investment in British EV charging outfit EO Charging.<\/span><\/li>\n<li><span style=\"font-weight:700\">Gov\u2019t reveals names of four companies awarded golden licenses<\/span><span>: Hassan Allam Utilities, developer Bloom Real Estate Development, truckmaker National Company for Transport Industry (N-MCV), and Vaccine & Biotechnology City Company were <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/22\/govt-reveals-names-of-4-companies-awarded-golden-licenses-97579\/\" style=\"\">the recipients.<\/a><\/span><\/li>\n<li><span style=\"font-weight:700\">Cairo Metro Line 4 to link to the new capital + Monorail goes live in 2024: <\/span><span>The under-construction <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/22\/cairo-metro-line-4-to-link-to-the-new-capital-monorail-goes-live-in-2024-97580\/\" style=\"\">fourth metro line<\/a><\/span><span> will run from Al Rehab to the new capital via Madinaty, while the eastern section of Cairo\u2019s monorail, which connects Nasr City to the new capital, will open its doors to passengers in early 2024, Transport Minister Kamel El Wazir said.<\/span><\/li>\n<\/ul>\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<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">? CIRCLE YOUR CALENDAR-<\/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\">Sports Expo 2023 opens its doors:<\/span><span style=\"\"> Head down to the Al-Manara Convention Center to <\/span><span>meet global athletes, stock up on all sporting equipment, or hear about Egypt\u2019s 2036 Olympics bid at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/sportsexpo.com.eg\/\" style=\"\">Sports Expo 2023<\/a><\/span><span style=\"font-weight:400;\">. The government-hosted event will bring together private- and public-sector players in the fitness and health sectors and related industries and will be open until Saturday 25 February. <\/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\">\u2600\ufe0f <\/span><span style=\"font-weight:700\">TOMORROW\u2019S WEATHER- <\/span><span>Temperatures in Cairo will hit 20\u00b0C tomorrow during the day before falling to 10\u00b0C at night, our favorite weather app tells us.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gentlemen. It\u2019s a brisk news day as we get closer to the weekend here in Omm El Donia. THE BIG STORY TODAY- Egypt closes its USD 1.5 bn sukuk issuance: The Finance Ministry successfully closed its maiden sukuk issuance on the London Stock Exchange (LSE) this morning, according to a statement. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7213],"tags":[633,276,280,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-583382","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-finance-ministry","tag-sukuk","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"289a997c-a483-479e-b8f6-47e30078785a","order":"0","is_powered_by":false,"story_type":"4","photo_url":"","photo_position":"below","homepage_title":"","full_issue_title":"Egypt closes its maiden sukuk issuance with a c.4x oversubscription","related_issue":[583380],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.2cf8bf29-4b92-4a44-b273-a9cebebc6e91.mp3"},"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>THIS EVENING: Egypt closes its maiden sukuk issuance with a c.4x oversubscription - 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\/22\/this-evening-egypt-closes-its-maiden-sukuk-issuance-with-a-c-4x-oversubscription\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Egypt closes its maiden sukuk issuance with a c.4x oversubscription\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gentlemen. It\u2019s a brisk news day as we get closer to the weekend here in Omm El Donia. THE BIG STORY TODAY- Egypt closes its USD 1.5 bn sukuk issuance: The Finance Ministry successfully closed its maiden sukuk issuance on the London Stock Exchange (LSE) this morning, according to a statement. 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It\u2019s a brisk news day as we get closer to the weekend here in Omm El Donia. THE BIG STORY TODAY- Egypt closes its USD 1.5 bn sukuk issuance: The Finance Ministry successfully closed its maiden sukuk issuance on the London Stock Exchange (LSE) this morning, according to a statement. 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Cabinet will, after approving the legislation, send it to the House of\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581756,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/egypts-debut-usd-1-5-bn-sovereign-sukuk-issuance-wraps-4x-oversubscribed\/","url_meta":{"origin":583382,"position":1},"title":"Egypt\u2019s debut USD 1.5 bn sovereign sukuk issuance wraps 4x oversubscribed","author":"enterpriseam admin","date":"23 February 2023","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/EGP-USD-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555938,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/04\/egypts-maiden-sovereign-sukuk-could-be-in-the-usd-500-mn-range\/","url_meta":{"origin":583382,"position":2},"title":"Egypt\u2019s maiden sovereign sukuk could be in the USD 500 mn range","author":"enterpriseam admin","date":"4 October 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/42.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542629,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/09\/get-ready-for-sovereign-sukuk-act-exec-regs\/","url_meta":{"origin":583382,"position":3},"title":"Get ready for Sovereign Sukuk Act exec regs","author":"enterpriseam admin","date":"9 January 2022","format":false,"excerpt":"Sovereign Sukuk Act exec regs about to drop? 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 &quot;DEBT WATCH&quot;","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":542859,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/our-maiden-sovereign-sukuk-issuance-is-inching-closer\/","url_meta":{"origin":583382,"position":4},"title":"Our maiden sovereign sukuk issuance is inching closer","author":"enterpriseam admin","date":"20 January 2022","format":false,"excerpt":"The Finance Ministry just got the green light to start preparing to take its first sovereign sukuk issuance to international markets, after the Madbouly Cabinet signed off on the move during its weekly meeting yesterday. The issuance is expected to drop sometime in the first half of this year, officials\u2026","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/246.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581227,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/its-showtime-for-our-maiden-sovereign-sukuk-issuance\/","url_meta":{"origin":583382,"position":5},"title":"It\u2019s showtime for our maiden sovereign sukuk issuance","author":"enterpriseam admin","date":"22 February 2023","format":false,"excerpt":"The final guidance price is 11.125%","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/EGP-1600px.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\/583382","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=583382"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/583382\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/583380"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=583382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=583382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=583382"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=583382"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=583382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}