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Thursday, 27 June 2019

Egypt targets 1Q2020 Samurai, Panda bond issuances

EXCLUSIVE- Egypt may offer Samurai and Panda bonds in 1Q2020: The Finance Ministry is aiming to secure approvals from Asian central banks by November to issue Panda and Samurai bonds in 1Q2020, two sources told Enterprise. The procedures may take up to two months, after which the government will hire investment banks that will decide on the timing and size of the offerings.

Promotions have already begun: Finance Minister Mohamed Maait will meet a number of investment banks on the sidelines of the G20 summit in Tokyo to promote Egypt’s economic reforms and the planned debt issuances, a source said. Talks are also underway with Asian and GCC investors, who have showed significant interest in the issuances, particularly those carrying long tenors. The Finance Ministry stated in April its intention to issue yen and yuan-denominated bonds in an attempt to diversify borrowing sources as part of its new debt strategy.

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