ICEC

Egypt expects eurobond yield at 5.5-6 pct for Sept/Oct issuance

Egypt expects its eurobond issuance at the end of September or early October to have a yield between 5.5 percent and 6 percent, Deputy Finance Minister for fiscal policies Ahmed Kojak told Reuters on Sunday.

Egypt’s government this month approved plans for international issuance of between $3 billion and $5 billion.

Last week Egypt appointed JPMorgan, Citi, BNP Paribas and Natixis to lead manage its international bond offering.

“We aim to issue eurobonds worth $3 billion with interest rates ranging between 5.5 and 6 percent and with maturity of five to ten years,” Kojak said.

“If we find great appetite and demand from investors for this issuance and at appropriate prices then we could increase the amount issued and we can lower the cost of the issuance if the interest rate prices offered are high,” he said.

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