Egypt raises Eurobond program to $30B from $20B

CAIRO – 4 April 2019: Egypt raised the volume of its international eurobonds program to $30 billion from $20 billion, according to the Luxembourg Stock Exchange’s bulletin.

In February, Egypt issued international bonds worth $4 billion in three categories that were five times oversubscribed. The dollar-denominated bonds came with maturities of five, 10 and 30 years in a sale and will be offered at high revenues, as the subscriptions exceeded $21.5 billion.

Egypt issues $4B int’l bonds in 3 categories

CAIRO – 20 February 2019: Egypt issued international bonds worth $4 billion in three categories that was five times oversubscribed, the Ministry of Finance announced. The dollar-denominated bonds come with maturities of five, 10 and 30 years in a sale and will be offered at high revenues, as the subscriptions exceeded $21.5 billion.

Minister of Finance Mohamed Ma’it announced earlier that Egypt will return to the international bond market before the end of the current fiscal year 2018/2019 to issue bonds in a currency other than the dollar.

Egypt to issue more int’l bonds by end of June: Minister

CAIRO – 20 February 2019: Egypt will return to the international bond market before the end of the current fiscal year 2018/2019 to issue bonds in a currency other than the dollar, Minister of Finance Mohamed Ma’it told Reuters Wednesday. Ma’it clarified that the upcoming issuance will be in currencies other than dollar or through new products.

Meanwhile, Ma’it announced in January that the Ministry of Finance obtained the approval of the Council of Ministers to issue international bonds and the procedures started with a value of not less than $3 billion and not more than$7 billion.

In October 2018, Ma’it launched a pan-Asian road show to promote its international bonds in the South Korean capital, Seoul. The promotion campaign continued in November in several important Asian markets, topped by Singapore, Malaysia, Hong Kong, China and Japan.

Also, a source said that Egypt could be included in JPMorgan’s emerging-market bond indices in March, clarifying that this step would support the government’s strategy to cut borrowing costs and boost inflows from the debt market.

In October 2018, Egypt planned to contact JPMorgan Chase & Co. for inclusion in its emerging-market bond indices to boost inflows from overseas institutional investors into its domestic debt market, three people familiar with the matter told Bloomberg.