Chicago, Feb. 24 – The Arab Republic of Egypt, through its Ministry of Finance, sold a debut sukuk offering, according to a release.
The $1.5 billion offering priced with a 10 7/8% coupon.
Price talk tightened 75 basis points from initial talk at 11 5/8%.
Subscriptions were at $6.1 billion from more than 250 accounts.
The issuer is 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 the base offering document.
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 are being issued under a new $5 billion program (B).
Listing will be on the London Stock Exchange.
| Issuer: | Egyptian Financial Co. for Sovereign Taskeek
|
| Amount: | $1.5 billion
|
| Issue: | Sukuk
|
| Bookrunners: | 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
|
| Counsel for issuer: | Clifford Chance LLP and Adsero – Ragy Soliman & Partners
|
| Counsel for underwriters: | Linklaters LLP, Zaki Hashem & Partners and Linklaters LLP
|
| Coupon: | 10 7/8%
|
| Price: | 99.688
|
| Trade date: | Feb. 22
|
| Ratings: | S&P: B
|
| Price talk: | 11 5/8%
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
