Having worked together on an export receivables transaction for Russia's Gazprom's (see p. 22), Morgan Stanley and Merrill Lynch have their sights on Egypt, according to a source. The banks are said to jointly arranging a transaction for National Bank of Egypt backed by diversified payment rights (DPRs).

Moody's Investors Service and Standard & Poor's rate National Bank Ba2' and BB+', respectively. S&P has the issuer on negative watch.

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