LONDON, 10 October 2025 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, has advised the Arab Republic of Egypt in a dual-tranche sovereign sukuk issuance totaling U.S.$1.5 billion under the Egyptian Financial Company for Sovereign Taskeek’s Trust Certificate Programme.

The transaction involved the issuance of U.S.$700 million Trust Certificates due 2029 and U.S.$800 million Trust Certificates due 2032. The Sukuk were structured pursuant to an ijara (lease-based) arrangement.

The transaction closed on 7 October 2025, with the Trust Certificates listed on the London Stock Exchange’s International Securities Market. The issuance attracted strong investor demand, with order books exceeding U.S.$9 billion. Egypt’s return to the Islamic market was its first international Sukuk offering since February 2023.

Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank and HSBC acted as Managers.

Baker Botts acted as English and U.S. counsel on the transaction. The team included Partners Patrick Lyons and Jennifer Rees, with Senior Associate Amy Rees in London.

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