Egypt has priced a $1.5 billion dual-tranche sukuk issuance after receiving more than $9 billion in investor orders, the ministry of finance said on Wednesday. The offering includes $700 million in 3.5-year sukuk maturing in 2029 at a yield of 6.375 per cent, and $800 million in 7-year sukuk maturing in 2032 at 7.95 per cent. The weighted average cost of financing was set at 7.2 per cent for 5.25 years, below the 7.5 per cent yield on Egypt's five-year Eurobonds in the secondary market. The shorter tranche was priced about 20 basis points tighter than comparable bonds, while the longer tranche came 35 basis points below. The ministry said the deal is part of its debt strategy to diversify funding sources, reduce borrowing costs, and extend maturities, while steadily cutting external debt. Attribution: Amwal Al Ghad English
