CAIRO – 9 February 2021: The recent issuance of Egyptian international bonds worth $ 3.75 billion will contribute to providing additional sources of financing for the budget, and part of the financing needs for the current fiscal year 2020-2021, Minister of Finance Mohamed Maait stated. Egypt, represented by the Ministry of Finance, succeeded in the issuance of international bonds worth $ 3.75 billion in 3 tranches (5, 10 and 40 years), with issued values ​​of $ 750 million, $ 1.5 billion, and $ 1.5 billion, respectively. The issuance was oversubscribed by 4.4 times, which contributed to lowering the interest rates (the coupon) to less than what was achieved during previous issuances that took place during the past years, for the three tranches of the issue with terms (5, 10 and 40 years). For his part, Deputy Minister of Finance for Financial Policies, Ahmed Kojak, said that the strong demand for the Egyptian international bond offering enabled Egypt to successfully issue international bonds of the required size and achieve the lowest possible interest rate on the offered international bonds. Kojak explained that the offering witnessed the application of more than 400 investors to buy and subscribe to Egyptian international bonds, of whom 40 new investors are subscribing for the first time in Egyptian international bonds, which represents a continuation of the Ministry of Finance's approach, which aims to expand and diversify the investor base in Egyptian international bonds.

Source: Egypt Today February 09, 2021 13:18 UTC