Minister of Finance Amr El-Garhy announced, in a press statement on Monday, that four European banks were selected to promote and arrange the issuance of euro-dominated bonds this fiscal year (FY), adding that these banks are Deutsche Bank, BNP Paribas, Intesa Sanpaolo, and Standard Chartered. These banks are to issue euro-denominated bonds worth between €1bn and €1.5bn, the minister added. El-Garhy pointed out that these new bonds are part of the ministry's efforts to maintain filling the country's funding needs for FY 2017/2018. "It's worth mentioning that the ministry will use the legal advice and services of the local law firm Al Tamimi & Co and the global law firm Dechert LLP, which participated in the $4bn eurobond issuance last February," stated the minister. Earlier this month, El-Garhy said that 10 investment banks have submitted bids to manage the euro-denominated bond issuance next April. Last month, El-Garhy said that Egypt would start discussions with European banks to issue euro-denominated bonds. Moreover, last February, Egypt issued Eurobonds worth $4bn, which were oversubscribed three times. Earlier in January, the finance minister announced that the government planned to issue new international bonds worth between $4bn and $5bn. The government plan came after two earlier successful bond issuances in January 2017, where the ministry launched three packages of bonds through which it managed to attract $4bn.
