Cairo – Mubasher: Egypt is looking to issue new Eurobonds prior to the end of next June, the Egyptian finance minister said on Wednesday.
The next Eurobonds sale will be offered in different foreign currencies other than the dollar or through new instruments, Mohamed Maait told Reuters.
Egypt’s cabinet has approved a bonds sale programme worth between $3 billion and $7 billion to be issued this year, the minister highlighted.
The most populous Arab state has selected Goldman Sachs, HSBC, JP Morgan, and Citibank to lead arrange the US dollar-denominated bonds, according to the London-based news agency.
Earlier this day, the Egyptian Ministry of Finance (MoF) announced the issuance of Eurobonds worth $4 billion with maturities of five years, 10 years, and 30 years at a yield of 6.2%, 7.6%, and 8.7%, respectively, to finance the state’s general budget.
The ministry also revealed it had received subscription orders exceeding $21.5 billion following the issuance of the bonds in foreign markets.
