Egypt Picks Bond Sale Managers After Borrowing Costs Fall
- Decision follows preliminary agreement with IMF on $12b loan
- Government is trying to boost reserves, overcome FX shortage
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Egypt picked four banks to manage a dollar bond issuance planned for 2016, part of the government’s effort to raise $21 billion over three years to shore up reserves and end a crippling hard currency shortage.
JPMorgan Chase & Co., Citigroup Inc., BNP Paribas SA and Paris-based Natixis SA will oversee the sale, the finance ministry said in a statement on its website. Egypt plans to sell $3 billion to $5 billion in international bonds in the fiscal year ending June 30, with the first issuance planned for October, officials have said.