Egypt monitoring global market before Eurobond issue: Min

DUBAI – 10 February 2018: Egypt is currently monitoring global financial markets to decide on the right time to issue the Eurobonds, which have been slated for this week, Finance Minister Amr el-Garhy said.

Garhy said, on the sidelines of the third annual Arab Fiscal Forum in Dubai, that the global financial markets have been fluctuating on the back of strong data on US employment numbers and concerns that central banks will increase interest rates.

He added that his ministry is following up with the banks arranging the issuance to decide on the right time.

The Eurobond, which will raise $4 billion to $5 billion, was initially slated for the end of January.

In December, Egypt selected five banks to arrange the Eurobond issuance. The banks are J.P. Morgan, Morgan Stanley, Citibank, HSBC and First Abu Dhabi Bank.

Egypt issued $7 billion in Eurobonds sales in January and May 2017 on the global bond market, both of which were oversubscribed, according to the Ministry of Finance.