Egypt to issue euro-denominated bonds next week: source

BY

Thu, 21 Feb 2019 - 02:22 GMT

FILE - Ministry of Finance

FILE - Ministry of Finance

CAIRO - 21 February 2019: Euro-denominated bonds worth €1-to-1.5 billion are scheduled to be issued during next week, to be the second euro-denominated issuance after the one in 2018, a governmental source told enterprise.

The source added that the issuance is expected to be widely subscribed in light of global interest in Egyptian bonds, referring to the success of the issuance of the dollar-dominated bonds.

Egypt issued Wednesday international bonds worth $4 billion in three categories that were five times oversubscribed. The dollar-denominated bonds came with maturities of five, 10 and 30 years in a sale and will be offered at high revenues, as the subscriptions exceeded $21.5 billion.

Egypt issues $4B int'l bonds in 3 categories

CAIRO - 20 February 2019: Egypt issued international bonds worth $4 billion in three categories that was five times oversubscribed, the Ministry of Finance announced. The dollar-denominated bonds come with maturities of five, 10 and 30 years in a sale and will be offered at high revenues, as the subscriptions exceeded $21.5 billion.




Regarding issuing green and Asian bonds, the source said that they will be issued during the coming period with low value as an experiment.

Minister of Finance Mohamed Ma’it told Reuters Wednesday that Egypt will return to the international bond market before the end of the current fiscal year 2018/2019 to issue bonds in a currency other than the dollar.

Egypt to issue more int'l bonds by end of June: Minister

CAIRO - 20 February 2019: Egypt will return to the international bond market before the end of the current fiscal year 2018/2019 to issue bonds in a currency other than the dollar, Minister of Finance Mohamed Ma'it told Reuters Wednesday. Ma'it clarified that the upcoming issuance will be in currencies other than dollar or through new products.




Meanwhile, Ma’it announced in January that the Ministry of Finance obtained the approval of the Council of Ministers to issue international bonds and the procedures started with a value of not less than $3 billion and not more than$7 billion.

In October 2018, Ma'it launched a pan-Asian road show to promote its international bonds in the South Korean capital, Seoul. The promotion campaign continued in November in several important Asian markets, topped by Singapore, Malaysia, Hong Kong, China and Japan.

Also, the source said that Egypt could be included in JPMorgan’s emerging-market bond indices in March, clarifying that this step would support the government’s strategy to cut borrowing costs and boost inflows from the debt market.

In October 2018, Egypt planned to contact JPMorgan Chase & Co. for inclusion in its emerging-market bond indices to boost inflows from overseas institutional investors into its domestic debt market, three people familiar with the matter told Bloomberg.

Egypt seeks to be listed on JP Morgan's emerging bond index

CAIRO - 1 October 2018: Egypt plans to contact JPMorgan Chase & Co. for inclusion in its emerging-market bond indices to boost inflows from overseas institutional investors into its domestic debt market, three people familiar with the matter told Bloomberg.



Comments

0

Leave a Comment

Recommend Article

Be Social