Sarwa, Amer to issue their sukuk sales before 2020 ends

Sukuk issuance by EGX-listed Sarwa Capital and Amer Group set to be launched before the year is out, the Daily News Egypt reports, citing sources with knowledge.

Sarwa Capital will issue 2.5 billion pounds sukuk, while Amer Group has yet to determine the final value of its offering.

Amer Group has decided to hold off announcing the value due to the prevailing pessimistic outlook of a second wave of the novel coronavirus (COVID-19). This is expected to result in a decline in the interest rate, which raises some concerns.

Sarwa Capital is likely to complete the 2.5 billion sukuk offerings as early as the end of October. Amer Group’s offering will take place during the month of December.

The two offerings are the second and third experiences for the Egyptian market, after Talaat Moustafa Group’s (TMG) offering earlier this year.