North Africa
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The Kingdom of Morocco, a rare bond issuer at the best of times and an even rarer dollar-denominated issuer, entered the market on Tuesday to raise a triple-tranche dollar bond. The deal is the second from the North African sovereign in recent months. -
Egypt, which has already entered international debt markets twice this year, is on its way to debuting in the sukuk market following cabinet approval for an Islamic financing bill. The sovereign raised its debut syndicated loan in September that included an Islamic tranche, which bankers said was a fitting prelude to a sukuk.
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Egypt this week became the first sovereign issuer in the Middle East and North Africa to issue a green bond. The deal had been delayed by the coronavirus pandemic, bankers said, but it gained considerable traction from investors when it was finally brought to market.
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Egypt was the only regional economy to have seen its credit ratings remain stable during the Covid-19 pandemic. This underscores the impact that a series of economic reforms are having.
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The country has made itself a beacon for overseas investors, compelled by favourable incentives and a large and dynamic domestic market.
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Egyptian lenders are strongly capitalised, ensuring they are well placed to build for the future. Many are now looking to deliver more of their services digitally in the future.
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Commercial International Bank (CIB) is well placed to prosper, despite some challenging global conditions. CIB chairman and managing director Hisham Ezz Al-Arab explains the bank’s strategy.
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Two CEEMEA issuers, Egypt and Hungary's Mol, are in the market this week to raise funding. According to experts, issuers are eager to get their funding in before expected geopolitical and coronavirus-related volatility impacts markets.
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The Arab Republic of Egypt has mandated banks to arrange its debut green bond, which will be the first sovereign green bond from the Middle East and North Africa. The deal, according to bankers, has been in the works for over a year and has been delayed by the Covid-19 pandemic.
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The Kingdom of Morocco raised a €1bn bond on Thursday, which was priced wider than some analysts' fair value estimates. Market conditions, bankers said, are deteriorating ahead of expected volatility in coming months.
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The Kingdom of Morocco, an infrequent emerging market issuer that some investors have been watching for, launched a euro bond on Thursday, its second in two years.
