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Wednesday, 29 November 2017

Egypt planning consecutive eurobond sales in 1Q2018 starting late January -El Garhy

Egypt planning consecutive eurobond sales in 1Q2018 starting late January:Egypt’s first USD-denominated eurobond sale in 2018 will take place in late January or early February, with an EUR-denominated issuance to follow later in February or March, Finance Minister Amr El Garhy told Bloomberg in an interview. The EUR-denominated issue will have a tenure of 5-10 years, while the USD eurobonds will have tenures of five, 10, and 30 years, “but we might add a new tenure in order to deepen our yield curve,” the minister added. El Garhy had previously said that the USD-denominated issue will be worth EUR 3-4 bn and the EUR-denominated bond around EUR 1-1.5 bn. The ministry is now 2-3 weeks away from finalizing proposals for the structure of the sales, which are expected to go smoothly “because even the rate on Egypt’s existing bonds is tightening and interest rates are going down and that’s giving us a lot of momentum,” El Garhy said.

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