December 26, 2017 / 8:03 AM / a year ago

UPDATE 1-Egypt will choose 4-5 banks to arrange next Eurobonds issuance

(Adds details and background)

CAIRO, Dec 26 (Reuters) - Egypt will choose four to five international banks to arrange its next dollar-denominated Eurobond issuance, Finance Minister Amr El-Garhy told Reuters on Tuesday.

“Egypt will conduct a short roadshow to promote the Eurobonds issuance in January,” he said.

The dollar-denominated Eurobonds would be worth $3 billion to $4 billion.

“About 22 banks, including all the prominent ones, have applied to arrange the latest Eurobond issuance,” the minister said.

Earlier this year, the government sold $7 billion in 5-, 10- and 30-year bonds, part of its return to international markets after turmoil following the ouster of president Hosni Mubarak in 2011.

Egypt’s central bank floated the Egyptian pound in November 2016, helping the country secure a $12 billion IMF loan, which is tied to reforms such as spending cuts, tax hikes and an overhaul of its subsidy system.

Egypt is to receive a fourth disbursal of that loan, worth $2 billion, in June or July, the finance ministry says, bringing the total it has received to $8 billion. Last week, the IMF agreed to the third disbursal, also worth $2 billion. (Reporting by Ehab Farouk, writing by Dahlia Nehme; Editing by Shri Navaratnam and Robin Pomeroy)

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