Egypt needs more market stability before Eurobond issue: minister

Egypt is monitoring the market conditions to choose the most appropriate time to launch its international bond sale, which was scheduled to take place this week, said finance minister on Saturday.

“We want to find the right time and we hope to do this in the next few days,” Garhy told reporters on the sidelines of the third annual Arab Fiscal Forum in Dubai, when asked if this week’s swings in global markets could affect the planned issue.

“We need to see more stability,” Garhy said.

Egypt’s Eurobond issue is expected to be between around $3 billion and $5 billion in size, the minister said.

The forum is organised by the Arab Monetary Fund and the International Monetary Fund, in Dubai, in preparation for the annual World Government Summit, which will take place on Sunday, February 11th.

“The ministry is following up the situation with the investment banks, which will manage the Eurobond issue to determine the right time to go ahead.” Garhy said.