Egypt to begin dollar bond roadshow in London, Luxembourg, Dubai on Nov 23

Egypt will start a roadshow for its international bonds sale in London, Luxembourg, and Dubai on November 23, Deputy Finance Minister for Treasury Mohamed Meait said on Thursday.

Meait referred to Reuters Arabic in an interview to the possibility of issuing the bonds on London, Luxembourg, and Dubai stock exchanges.

Egypt plans to issue $2 billion to $2.5 billion in international bonds by the end of this year.

Earlier, Egypt issued on Wednesday $4 billion in bonds in the Irish Stock exchange, the finance ministry said in a statement, in an attempt to create new financing sources to plug the country’s widening budget deficit.

Egypt said on Thursday it had issued $4 billion in international bonds in a private placement aimed at plugging the budget deficit and boosting foreign reserves but may postpone a planned Eurobond issue.

The issuance of the bonds aimed to boost the country’s foreign reserves between $25 billion and $30 billion by the end of this year, Meait added.