Egypt selects banks for planned euro notes offering

By Rebecca Melvin

New York, March 12 – The Arab Republic of Egypt named the banks chosen to manage its planned offering of euro-denominated notes, according to market sources.

Deutsche Bank, BNP Paribas, Standard Chartered Bank and Alexbank Intesa Sanpaolo were selected for the deal, which has been whispered at $3 billion to $4 billion in size.

Egypt’s Finance Ministry announced the planned deal to be issued in the current fiscal year in mid-February after it priced $4 billion of sovereign notes (B-/B) in three tranches.

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