Egypt

African equity capital markets deals could bolster emerging market issuance figures this year and provide a post-Brexit boost for London where some firms are tipped to dual-list.

Telecom Egypt has signed its $500m loan, with 11 mostly Gulf region banks joining the trade during the syndication process.

Renaissance Capital has appointed Marios Hadjiyiannakis as chairman of the board of directors in Egypt, and Amr Helal as chief executive officer for North Africa.

Hassan Allam, the Egyptian construction firm and utilities firm, intends to list shares on both the local Egyptian Exchange and in London through the sale of global depository receipts.

Egypt’s Oilex has signed a E£2.4bn ($134m) loan from regional lenders, as the country continues to draw in international financing after a stamp of approval from the IMF.

Lenders have been “very significantly” scaled back in a $1bn loan for Egyptian General Petroleum Corp (EGPC), as demand for the pre-export finance deal far surpassed the cross-border trade linked to the loan’s structure.

Telecom Egypt has launched a $500m five year loan into syndication, with next week’s Eid al-Adha celebrations expected to stretch out the process until around the end of September.

More details of Telecom Egypt’s dollar financing have emerged that show the extent of Chinese state support for the company.

Egypt’s Banque Misr is looking to raise dollar funding from the loan market, according to lenders, continuing the trend of financial institutions in the country raising international bank debt.

Arab Republic of Egypt’s bonds have rallied 50bp since last week with investors acting on a positive endorsement from Standard & Poor’s. Analysts say that any positive signals or third party endorsements will become increasingly important to the buyside as credit differentiation comes into play.

National Bank of Egypt (NBE) is due to launch a dollar denominated three year loan imminently.

Egypt paid a generous spread to access euros on Monday, during a volatile day for emerging market assets.