Egypt selected four European banks to manage its first euro-denominated bond sale, taking advantage of lower borrowing costs in Europe as it looks to secure funding to plug the budget deficit.
The government picked BNP Paribas, Deutsche Bank, Standard Chartered and Intesa Sanpaolo for the issuance worth between 1 billion and 1.5 billion euros that’s slated to be held before the start of the fiscal year that begins July 1, Khaled Abd Elrahman, assistant finance minister for capital market operations, said by phone. Al Tamimi & Co. and Dechert LLP are the legal advisers.