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Egypt’s US dollar benchmark dual-tranche sukuk offering with three-year and seven-year tenors is being marketed at initial price thoughts (IPTs) in the 6.875% area and 8.5% area, respectively.
The fixed rate 144A/Reg S senior unsecured dual-tranche sukuk offering is expected to be rated B–/B (S&P/Fitch).
The long three-year matures in April 2029.
Egyptian Financial Company for Sovereign Taskeek is the issuer and Egypt, represented by its finance ministry, the obligor.
Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank and HSBC are joint lead managers and bookrunners.
(Writing by Brinda Darasha; editing by Bindu Rai)
