Egypt sets yield of 11.62% for its dollar-denominated sukuk 

Egypt sets yield of 11.62% for its dollar-denominated sukuk 

RIYADH: Egypt has set an initial yield of 11.625 percent for the sale of its three-year, dollar-denominated sukuk on Tuesday as part of the country’s measures to defuse its foreign exchange crisis. The sukuk will be of benchmark size or in the range of $500 million, according to a document reviewed by Reuters. Egypt’s finance minister Mohamed Maait told the agency in December that the country was targeting between $1.5 billion and $2.5 billion from its first sovereign sukuk. To be listed on the London Stock Exchange, the sukuk will be issued through The Egyptian Financial Co. for Sovereign Taskeek, with the finance ministry as the obligor. 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 document on the deal revealed. The cash-strapped nation also faces a $1.25 billion Eurobond repayment on Feb. 21, and a successful sukuk issue could help repay the debt. The country will also need to mobilize funds from its global partners to close a $17 billion financing gap in the coming years, the International Monetary Fund said last month. The Washington-based lender approved a 46-month arrangement of