Egyptian state-owned National Bank of Egypt (NBE) and New Urban Communities Authority (NUCA) plan to sell medium-term bonds in the coming weeks, two people familiar with the transactions said on Sunday.
NBE last week began marketing dollar-denominated bonds it is issuing through a fully owned special purpose entity, Nile Finance Limited, incorporated in the Cayman Islands, one of the people said.
"The response has been very positive," the source said.
Deutsche Bank, Citigroup and Morgan Stanley are acting as joint book runners on the NBE notes, which are due to be priced by the first week of August. The exact maturity and amount have yet to be confirmed. The bonds are being fully secured by NBE.
Fitch said on Friday it had assigned the NBE notes an expected "BB+" rating.
State organization NUCA, which is responsible for developing satellite cities around Cairo, is also seeking to sell medium-term Eurobonds denominated in Egyptian pounds to raise funds to build infrastructure.
The NUCA bonds should be launched in two to three months, a source said.
The global coordinator for the NUCA issue is Morgan Stanley, which is also acting as joint book runner along with Citigroup and HSBC.
National Bank of Egypt and Commercial International Bank are acting as co-lead managers.
