North Africa
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The Arab Republic of Egypt had clocked up more than $9bn of demand for its triple tranche bond trade by lunch time on Wednesday. -
Egypt is in market promoting a new deal: three tranches of benchmark dollar funding. Its 40 year tranche will be Egypt’s longest ever deal.
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Less than a decade ago Egypt was deemed a no-go zone by many private sector investors, but now it’s an investment hotspot. We asked Sahar Nasr, Egypt’s Minister of Investment and International Co-operation, to explain what’s behind the turnaround
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Egypt’s banking system has undergone a transformation. Supported by strong economic growth and a root-and-branch reform programme put in place over the last two decades, the country’s financial institutions are now pulling their weight, providing a vital lubricant for Egypt’s economic success
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Egypt has reached a pivotal point in its new phase of economic development. For the fastest growing economy in the Middle East, and the biggest investment magnet in Africa, the task is to build on deep reforms to create a more business friendly environment, attract fresh investment and create meaningful jobs for the poorest Egyptians.
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BCME Bank, one of the largest banks in Morocco, has raised Dh1bn ($103m) by selling new shares on the Casablanca Stock Exchange.
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Libya has paid in capital to become a shareholder in the European Bank for Reconstruction and Development, in a move that extends the development lender’s reach across the region.
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The Republic of Tunisia printed a tight €700m 6.375% 2026 bond on Wednesday from a book of nearly €2bn. A syndicate manager away from the deal said it was a good demonstration of the enthusiasm for emerging market credit.
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The initial guidance for the Reg S/144A deal was put out at 6.875% area on Wednesday morning in London.
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The Republic of Tunisia does not finish its roadshow until Tuesday 9 July, but after a 100bp rally in its euro 2024s since the start of June and strong roadshow meetings so far, a seven year — the longer end of the planned tenor for the benchmark bond — looks to be on the cards.
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The Republic of Tunisia does not finish its roadshow until Tuesday, but after a 100bp rally in its euro 2024s since the start of June and strong attendance at the roadshow meetings so far, a seven year — the longer end of the planned tenor for the benchmark bond — looks to be on the cards.
