Two international institutions to issue dollar bonds

Egypt has selected Morgan Stanley and Merrill Lynch International as lead managers for its dollar bond to be offered on world markets, an official said yesterday.

Minister of Finance Medhat Hassanein said the two institutions would equally share responsibilities and fees, and would be consulted on the timing and pricing of the bond.

Prime Minister Atef Ebeid approved the selection of the two institutions, which was made by the Ministerial Economic Group, he said.

The Ministry of Finance had invited many world banks and investment institutions to offer their expertise in dealing with bonds issued by emerging markets like Egypt. The two banks were selected from 19 international institutions based on the Economic Group's criteria.