Egypt to Approach Banks Soon for Bond Sale of Up to $7 Billion - Bloomberg

Egypt to Approach Banks Soon for Bond Sale of Up to $7 Billion - Bloomberg:

Egypt will approach investment banks “very soon” to advise on a plan to raise between $3 billion and $7 billion from international debt markets by June, a Finance Ministry official said.

The so-called request for proposal is being prepared and will be sent to banks imminently, Deputy Minister of Finance Khaled Abd Elrahman said Monday in an interview in Cairo. He didn’t give more specifics on the timeline.

The government is taking advantage of lower borrowing costs amid signs the world’s major central banks may cut interest rates or deliver a fresh salvo of monetary stimulus to shore up economic growth. The new offering could include Egypt’s first Panda, Samurai, sukuk and green bonds -- as well as euro- and dollar-denominated bonds.