DUBAI - Egypt has given initial price guidance of around 11.625% for a debut sale of U.S. dollar-denominated Islamic bonds known as sukuk, a document reviewed by Reuters showed on Tuesday.

The three-year sukuk will be of benchmark size, which typically means at least $500 million, the document said.

Egypt's finance minister Mohamed Maait told Reuters in December the country was targetting between $1.5 billion and $2.5 billion from the issuance of its first sovereign sukuk.

Egypt's vulnerable finances fell into crisis after the war in Ukraine triggered heavy foreign investment outflows from Egyptian financial markets. The cash-strapped country sought a four-year, $3 billion rescue plan with the International Monetary Fund that was finalised in December.

The sukuk, which will be listed on the London Stock Exchange, will be issued through The Egyptian Financial Company for Sovereign Taskeek, with the finance ministry as obligor.

Joint lead managers and bookrunners on the sukuk are Abu Dhabi Islamic Bank, Citi, Credit Agricole, Emirates NBD Capital, First Abu Dhabi Bank and HSBC, a document on the deal showed on Friday.

A successful sukuk sale would help Egypt repay $1.25 billion in five-year Eurobonds, which carried a fixed interest rate of 5.577% and mature on Feb. 21.

But analysts said it would be hard for Egypt to roll them over at anything close to this after the U.S. Federal Reserve's 4.5 percentage points in rate hikes over the last year and following Moody's downgrade of Egypt's sovereign rating by one notch on Feb. 7.

(Writing Nadine Awadalla; Editing by Kim Coghill and Jacqueline Wong)