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.
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