Has Saudi’s first international bond issuance pushed back ours? The Ismail government will likely delay its USD 3 bn eurobond issuance until after Egypt receives approval from the IMF board for a USD 12 bn extended fund facility, the local press reports this weekend, noting that IMF approval on the EFF would reduce borrowing costs. There’s also the suggestion out there that Saudi Arabia’s first international bond — now expected to be in the USD 15 bn range — is a factor in the delay. Unnamed sources speaking to Al Mal say the Saudi issue is crowding the market, while others speaking to Al Masry Al Youm see little competition between the two offerings. Either way, the Egyptian Finance Ministry has reportedly delayed the roadshow for the offering, which was set to begin this month.

Finance Minister Amr El Garhy struck an optimistic note on the issue, telling cabinet that investors he spoke with in DC and New York expressed keen interest. El Garhy successfully sold Egypt’s recovery plan to these investors, lenders and finance ministers, according to a statement that ran in AMAY.