The government has no intention of moving forward with another international bond issue this fiscal year on the back of the successful USD 4 bn eurobond sale, Deputy Finance Minister Ahmed Kouchouk tells Al Borsa, adding that Egypt reserves right to tap markets again should the need arise. That dovetails with Finance Minister Amr El Garhy’s statement earlier this week that the government is exploring the possible issuance of JPY and RMB-denominated bonds, suggesting that the earliest another bond offering could follow would be July at the start of the new fiscal year. El Garhy had also stated back in November that Egypt could issue USD 5-6 bn “all in all” in eurobonds through 2017. Indicators show that the bonds listed on the Luxembourg Stock Exchange are doing well, continuing to hover at around USD 100, which is close to the offering price, said Kouchouk.

While this may be the government’s only international bond issue of the fiscal year ending in June 2017, the National Bank of Egypt is planning for a USD 500 mn to USD 1 bn international bond issue this year with Citi, JP Morgan, HSBC, Goldman Sachs, Credit Suisse, Deutsche Bank, and BNP Paribas and nine other candidates vying for a chance to manage the issue.

El Garhy spoke of how well the eurobond was received, describing the issue as “pitch perfect,” in a speech to Beltone Financial’s "Africa’s Era, Egypt’s Moment" conference. He stressed the need to diversify the economy further by relying on well-targeted investments, foreign and otherwise, especially in light of how hard declining tourism revenues have hit us. Investment Minister Dalia Khorshid was also present at the conference and talked up the reform agenda to representatives of around 80 global companies and funds, Al Borsa reports.