Yasser Ibrahim has left NBE (UK) to become a Managing Director at ODDO BHF. He has been replaced by Yasser Hassan.
Egypt and Investment Corp Dubai start road shows for bond issues
The Government of Egypt began the road show for its latest bond issue on 17 January, with meetings in Abu Dhabi and Dubai, followed by presentations to investors in New York and Boston on 18 and 19 January. Presentations in Los Angeles were due to take place on 20th January with the roadshow finishing in London on 23 January.
The Government of Egypt is offering five and ten year maturities of its GMTN programme, athough it has indicated willingness to offer a longer-dated (30 year) tranche. It is expected to issue about $2.5bn. Joint lead managers of the issue are BNP Paribas, Citi, J.P. Morgan and NATIXIS
Egypt is rated B3 by Moody's and B- by S&P. Fitch rates Egypt one notch higher at B.
Egypt last came to the market in June 2015, issuing $1.5bn of 5-year bonds at a yield of 6%.
Investment Corporation of Dubai, (ICD) the principal investment arm the Government of Dubai, began a road show on 19 January, marketing sukuk of up to 10 years. Meetings began in Hong Kong, with meetings scheduled in Singapore for Friday 20th January, Dubai on the 22nd and London on the 23rd.
ICD was to be represented by:
Khalifa Hassan al-Daboos, Deputy CEO
Douraid Zaghouani, Chief Operating Officer
Hassan Al Nahdi, Head of Treasury and Corporate Communications
Simon Harland, Head of Mergers and Acquisitions
Andrew Scott Coye, Assitant Vice President, Debt Management
ICD appointed Dubai islamic Bank, Emirates NBD Capital, HSBC, J.P. Morgan, National Bank of Abu Dhabi and Standard Chartered Bankas joint lead managers and joint bookrunners.
Meanwhile, the Government of Kuwait is finalising plans for its first ever dollar-denominated debt issue. Kuwait is expected to raise $10 bn at some point over the next few weeks. It had been planning to issue bonds in mid-2016 but postponed the issue, saying that the money was not needed. Saudi Arabia is also expected to return to the debt markets in the next few weeks with a sukuk issue. The Kingdom issued $17.5 in conventional bonds in October 2016.
More in News
ABA corporate member QIB (UK) recorded record profits last year. We spoke to Fuad Shakshir, head of Structured Real Estate to find out more about the bank and its work in the UK real estate market.
Credit Suisse license follows Standard Chartered licensing in February.
ABA Corporate member Fieldfisher, a law firm, has a range of research publications on current financial issues on its website. For example, the firm has a 'micro site' dedicated to Interbank Offered Rates (IBORs) that explains the background and issues behind the ending of IBORs and current initiatives to replace them. The site addresses the use of new benchmarks throughout...
The Arab Bankers Assocation sends best wishes to its members and their families on the occasion of Eid el-Fitr, the holiday that marks the end of the holy month of Ramadan.