FinMin: Egypt to issue $2 billion in international bonds in November

Egypt will issue around $2 billion in international bonds, less than previously announced, and will start a roadshow for the planned offering in the second or third week of November, Finance Minister Amr El Garhy announced Monday.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and ease a dollar shortage that has crippled import activity and hampered recovery.

Egypt said in August it planned to issue $3 billion to $5 billion in international bonds at the end of September.

Garhy told an American Chamber of Commerce event in Cairo that the bond was now likely to be marketed next month, and said later in the day that the amount would likely be lower than previously announced.

“We’re talking about $2 billion, give or take, but it will be in this range, depending on market circumstances,” Garhy said later on Monday during a television interview.

Source: Reuters

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