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Sunday, 23 April 2017

Finance Ministry considering USD 3 bn international bond issuance in 2H17

With high interest rates prompting the government to look abroad for lower-cost funding, the Finance Ministry is reportedly considering a USD 3 bn international bond issue sometime in 2H2017, an unnamed official from the ministry tells Al Shorouk. The source added that the ministry wants the issuance to take place as soon as possible in light of the projected rise in the budget deficit next fiscal year. Last week, the Ismail cabinet approved raising the ceiling on bond issuances this year to USD 7 bn from USD 5 bn after the Finance Ministry announced that it was planning a USD 3-4 bn bond issuance; USD 1 bn would be in the form of Shariah-compliant sukuks.

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