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Wednesday, 11 April 2018

Egypt will not be issuing anymore eurobonds this year

That’s it for eurobonds in 2018, says the Finance Ministry: Egypt will not be issuing any more eurobonds this year, said Assistant Finance Minister for Capital Market Operations Khaled Abdel Rahman said on Tuesday. His statements follow Monday’s successful USD 2.46 bn EUR-denominated issuance of eight- and twelve-year notes at yields of 4.75% and 5.63%, respectively. “More than 70% of orders came from Europe, while 10% came from the US and the rest from the Gulf,” Abdel Rahman told Reuters. Monday’s bond issuance, which was 3.8x oversubscribed, brought in EUR 7.5 bn in orders from 350 investors from 35 different countries and followed a USD 4 bn three-tranche offering in February.

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