Egypt issues its first sovereign Sukuk valued at $1.5 billion

Egypt issues its first sovereign Sukuk valued at $1.5 billion

Egypt issued its first Islamic sovereign Sukuk, the Sukuk was expected to raise $1.5 billion but Egypt’s Ministry of Finance reported that there’s higher demand.

The Ministry reported that Egypt’s Sukuk offering was 4 times oversubscribed and the subscription value amounted to almost $6.1 billion. The final guidance price is now 11.00% compared to the opening prices announced at the beginning of the offering process at the level of 11.675%.

The minister also stated that this issuance witnessed a remarkable turnout, and more than 250 investors in various global financial markets submitted purchase requests. The issuance attracted a new base of investors from the GCC, East Asia, as well as European countries, and the United States of America.

Joint lead managers and book runners on the Sukuk are Abu Dhabi Islamic Bank, Citi, Credit Agricole, Emirates NBD Capital, First Abu Dhabi Bank and HSBC, the statement showed. 

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