Finance ministry seeks to issue USD 4 billion Euro bonds next financial year

The Egyptian government seeks to issue new USD 3-4 billion Euro bonds in the financial year 2018-2019, Deputy Finance Minister Ahmed Kouchouk said Sunday.

A few days ago, Egypt’s ministry of finance successfully issued and priced a three-tranche USD 4 billion Euro bond only few hours in to into its launch.

The three tranches are broken down as follows: USD 1.25 billion in five-year notes with a yield of 5.5%, USD 1.25 billion in ten-year notes with a yield of 6.59% and USD 1.5 billion in thirty- year notes with a yield of 7.91%.

He added that the recent decrease in interest rate and the great demand for the Egyptian debt instruments would contribute with issuing more bonds.

The foreign investments in Egyptian debt instruments recorded $20.2 billion since the floatation of exchange rate in 2016.