The Bank of New York Mellon Appointed to Provide Corporate Trust Services for The Arab Republic of Egypt Local Currency Bond
August 02 2007 - 9:05AM
PR Newswire (US)
NEW YORK, Aug. 2 /PRNewswire-FirstCall/ -- The Bank of New York
Mellon, a global leader in asset management and securities
servicing, has been appointed as fiscal, paying, listing and
calculation agent for The Republic of Egypt's first
local-currency-denominated bond to be structured with interest and
principal payable in US Dollars. The Egyptian Pound LE 6 billion
8.75% Notes due 2012 will be placed globally as part of Egypt's
ongoing campaign to develop and integrate the country's domestic
capital market with the international markets. Dr. Youssef
Boutros-Ghali, Egypt's Minister of Finance, said, "The Egyptian
Pound Linked Global Note is the first step to create an
international liquid benchmark for Egyptian Debt. The note will be
followed by a 7- and a 10-year issuance in the coming months. In
addition the Ministry is studying the possibility of having most of
its existing Government Bonds trade and settle via Euroclear, which
will improve and develop Egypt's capital market." Karen Peetz,
senior executive vice president and head of global corporate trust
at The Bank of New York Mellon, said, "Our participation in this
milestone transaction, along with our leading positions in the
Egyptian depositary receipt, asset management and custody markets,
highlight our commitment to the region. Our experience and success
with handling market- leading transactions like the Republic's bond
have positioned The Bank of New York Mellon to be the leading
trustee for future financing activities in the region." The Bank of
New York Mellon's corporate trust services are delivered through
The Bank of New York subsidiary. The Company, which services
outstanding debt from 54 locations, including 18 outside of the
U.S., provides trust services for all major debt categories,
including corporate and municipal debt, mortgage-backed and
asset-backed securities, collateralized debt obligations,
derivative securities and international debt offerings. The Bank of
New York Mellon Corporation is a global financial services company
focused on helping clients manage and move their financial assets,
operating in 37 countries and serving more than 100 markets. The
company is a leading provider of financial services for
institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services and treasury services through a
worldwide client-focused team. It has more than $20 trillion in
assets under custody and administration and more than $1 trillion
in assets under management. Additional information is available at
http://www.bnymellon.com/. This announcement is not an offer to
sell or a solicitation of an offer to buy any securities. The
offering is made only by means of the prospectus. DATASOURCE: The
Bank of New York Mellon CONTACT: Ron Sommer of The Bank of New York
Mellon, +1-412-236-0082, or Web site: http://www.bnymellon.com/
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