Egypt’s Banque Misr in talks with Bank ABC Bahrain for dollar loan – sources

Banque Misr, Egypt’s second-largest state lender, has invited Bank ABC Bahrain to pitch for arranger role on a dollar-denominated syndicated loan, senior banking sources told Amwal Al Ghad Monday.

The loan is at value of US$300 million designated to raise the Egyptian bank’s dollar-dominated liquidity, the sources said.

Banque Misr is currently inviting international banks and financial institutions to take part in the loan, which shall be paid back over three years, the sources added.

The sources further ruled out Banque Misr’s ongoing plans to issue any dollar-denominated bonds on international markets as some reports recently circulated.

The National Bank of Egypt, the biggest state-owned bank, has recently arranged a $390 million, 37-month syndicated loan in cooperation with a number of international financial institutions.

The Egyptian government sold $1.5 billion of 10-year bonds in June, returning to the international debt market after a five-year hiatus due to political and economic instability.