This year’s news for Egypt’s capital markets has not been uniformly bleak. Internationally, for example, the one significant equity issue to have come out of Egypt in recent months was – given its timing – a colossal success. This was the $57 million sale of GDRs in Egypt’s leading investment-banking group, EFG-Hermes, on which Merrill Lynch acted as the global coordinator in July. Priced at the centre of its originally indicated range of between $10.60
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