Citi, JP Morgan among banks on list for Egypt’s USD-denominated bond offering

Egypt has picked five international investment banks for a new dollar-dominated bond offering, the ministry of finance said in a statement on Wednesday.

The banks are Citi Bank, JP Morgan, BNP Paribas, Natixis, and Standard Chartered, the ministry added.

The dollar-dominated bond offering will be made in the financial year 2019-2020, the ministry said, without specifying the date.

In February, Egypt issued $4 billion in dollar-denominated bonds with maturities of five, 10 and 30 years.

In September, Egyptian Finance Minister Mohamed Maait said his country intends to issue international bonds worth up to $7 billion in the financial year 2019-2020.

Goldman Sachs expected the government will stick to the $7 billion approved issuance programme, which is similar in size to last year’s.