The Ismail government’s USD 2.5-3 bn eurobond issuance will take place by mid-January, Finance Minister Amr El Garhy told Reuters. A second international offering of the same value is in the pipeline for 2H2017, he added. The original roadshow was scheduled for November, but was delayed amid market volatility. Foreign investment in T-bills and bonds reached USD 500 mn since the float, he said, with inflation expected to ease around 10% in the second half of 2017.

We need to get on the road quickly: Tunisia is also planning a eurobond, planning to test the market in January with a USD 1 bn offering: “Tunisia’s government is trying to implement a reform program meant to cut costs, draw investors and promote private sector growth. The country has already secured a USD 2.88 bn International Monetary Fund loan, and is hosting an investment conference that begins Nov. 29.”

Also yesterday, El Garhy said he expects foreign direct investment to rise 40-50% next year, Al Mal reported. Inflation should cool to 10% in the second half of next year, he added, while the government continues to target a 10% budget deficit.