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Prospect News home > News index > List of issuers E > Headlines for Egyptian Financial Co. for Sovereign Taskeek > News item |
Egypt offering first sukuk offering, benchmark size
Chicago, Feb. 21 – The Arab Republic of Egypt, through its Ministry of Finance, is preparing a sukuk offering expected to be in U.S. dollars and benchmark-sized, according to a notice.
The issuer will be the Egyptian Financial Co. for Sovereign Taskeek, a joint stock company fully owned by Egypt’s ministry of finance.
Abu Dhabi Islamic Bank PJSC, Citigroup Global Markets Ltd., Credit Agricole CIB, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC and HSBC Bank plc are arrangers on the program, according to S&P Global Ratings.
Proceeds, according to S&P, will be used to finance investment and development spending. The issuer will buy a 50-year right of a portfolio of lease assets that will be rented to the ministry of finance against the payment of rental fees.
The trust certificates will be issued under a new $5 billion program (B).
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