London Stock Exchange welcomes Egypt's return to London's debt capital markets, opening up its existing London-listed $4 billion multi-tranche bond to new investors through a tap issue. The tap issue raised $3 billion, $750 million in 5, $1 billion in 10 and $1.25 billion in 30 year notes. The additional notes started trading on London Stock Exchange today. Funding will support Egypt in financing its long term economic reform programme. HE Mr Amr El-Garhy, Minister of Finance, Egypt together with Mr Ahmed Kouchouk, Vice Minister of Finance, Egypt and HE Mr Nasser Kamel, Egyptian Ambassador to the UK, were hosted by Nikhil Rathi, CEO, London Stock Exchange last week to celebrate Egypt's successful fundraising.
The issuance comes less than six months after Egypt raised $4 billion in 5, 10 and 30 year dated bonds in London. Together with the additional $3 billion issuance, this is the largest public bond issuance out of Egypt and Africa.
Egypt's international debt listings build on the recent pipeline of high profile sovereign, supranational, municipal and private company bond issuances on London Stock Exchange. In March, Kuwait raised $8 billion in London in its first international bond sale and National Bank of Abu Dhabi raised $587 million in a green bond debut, the first from the Gulf region. March's milestone transactions followed Nigeria's $1 billion Eurobond issuance in London in February, the first international listing for the country since 2013 and the longest ever maturity for an international Nigerian bond.
HE Amr El-Garhy, Minister of Finance, Egypt: "The Egyptian Finance Ministry's successful international capital raising programme showcases the strength and profile of the Egyptian economy on the world stage and London Stock Exchange's ability to support Egypt's economic reform programme. We are confident in Egypt's long term economic outlook and London Stock Exchange as a leading international financing centre, is uniquely suited to help and facilitate financing Egypt's growth and prosperity."
Nikhil Rathi, CEO, London Stock Exchange plc: "Egypt's choice of London Stock Exchange for its $7 billion milestone bond transactions this year underlines London's status as a market open to the world and the strength of the economic partnership between our two countries. We were honoured to welcome Mr Amr El-Garhy to London Stock Exchange last week to celebrate the success of Egypt's latest tap issue on its $4 billion London-listed bonds, a strong statement of global investor support in Egypt's economic reform programme."
"With 13 Egyptian companies and close to $10 billion raised in equity and debt capital since 2004 by the Egyptian government and businesses, London, through its deep and liquid pools of international investor capital, is uniquely placed to offer an additional funding channel for Egypt's economic development."
London Stock Exchange Group (LSEG) has a long history of supporting the development of African capital markets and investment in African companies.
