Egypt’s Ministry of Finance picked four banks to manage a dollar bond issuance, as the country plans to sell $3b to $5b in international bonds during the current fiscal year ending June 30 2017, with the first issuance planned for October. JPMorgan Chase , Citigroup, BNP Paribas SA and Paris-based Natixis SA will oversee the sale, Bloomberg reported.
Vice Minister of Finance for Fiscal Policies and Institutional Reform, Ahmed Kouchouk, said that the bonds maturity periods will range between five and ten years, along with possible long-term bonds of up to 30 years for European and American investors, according to the Daily News Egypt.
He added that the bonds will be offered mostly likely on the Luxembourg Stock Exchange, but the final decision will be made after consulting with the investment banks following their selection.
The sale comes as part of the government’s efforts to raise $21b over three years to increase reserves and end a crippling hard currency shortage.