Cabinet endorses measures, outcome of issuance of yen-denominated Samurai bonds

CAIRO - 12 April 2022: The Cabinet endorsed during its weekly meeting on Tuesday measures pertaining to the issuance of yen-denominated Samurai bonds worth dlrs 500 million and the outcome of the process.

 

During the meeting, chaired by Prime Minister Mostafa Madbouli, Finance Minister Mohamed Maait reviewed the main features and details pertaining to the first international issuance of the Samurai bonds by Egypt in the Japanese market on March 24, 2022.

 

Addressing the meeting, Maait said the move aims to diversify funding sources, reduce debt servicing costs, lure new segments of foreign investors to the Egyptian market as well as tap new international bond markets.

 

He said the issuance has been covered with a total of 60 billion yen in the Japanese market and it targets the Japanese investors only. As many as 41 Japanese investors from the Japanese financial institutions have already joined the offering, he explained.

 

Maait said the issuance of the Samurai bonds is the outcome of a year of efforts made by the Finance Ministry to gain access to the Japanese financial market despite the unstable conditions of the international capital markets on the back of the Russian-Ukrainian conflict.