Egypt picks banks for first international bond issue in 5 years

Egypt has chosen banks to handle its return to the international bond market after a gap of five years, underlining a return of economic and political stability in the country after its Arab Spring uprising of 2011.

Investor meetings to discuss a U.S. dollar sovereign bond issue will be held in the United Arab Emirates, London and the United States between Thursday and June 3, a document from lead arranging banks showed on Tuesday.

The document did not specify the size or maturity of the bond, but the finance ministry had previously said it intended to issue $1.5 billion of Eurobonds.