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Thursday, 17 August 2017

Gov’t could issue up to USD 4 bn in eurobonds in January

The Finance Ministry is weighing raising up to USD 4 bn eurobond issuance in January, an official said, according to Bloomberg’s Mirette Magdy. “The ministry may approach investment banks to select advisers for the possible sale within three months. … The amount and the timing would depend on market conditions, the official said.” The official also noted that Egypt is expecting a financing gap of USD 10 bn in FY2017-18, much of which will be plugged by loans agreed to it international lenders including the IMF and World Bank. Finance Minister Amr El Garhy had told Reuters earlier this month that Egypt plans to issue USD 2-4 bn in eurobonds by 1Q2018. El Garhy had also said “the government plans to tap global debt markets again to capitalize on growing investor confidence after it floated its currency and cut costly energy subsidies.” Egypt raised USD 7 bn in FY2016-17 via eurobonds.

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