In Photos: Egyptian archaeological mission at Saqqara Necropolis announces new major discoveries    Rare conviction of South Sudan soldiers for rape raises hope    Bahrain's Bank ABC completes $480m acquisition of Blom Bank Egypt    14.7% increase in health expenditures during H1 of FY 2020/21: Maait    Egypt reports 879 new coronavirus cases, 52 deaths on Friday    Talaat Moustafa Group's subsidiary gets approval to develop 5k feddans in Capital Gardens City    LIVE: Egypt v North Macedonia (2021 World Handball Championship)    Uganda's Museveni holds commanding election lead, rival alleges fraud    Ferguson says management all about results, backs Rooney to succeed at Derby    State revenues expected to drop by EGP 150 bln in FY 2020/21 owing to coronavirus    Tennis: Australian Open arrivals hit by 2 COVID positive tests    Retired doctors and more syringes: Biden lays out plan to get America vaccinated    ‘This is not a game': Global virus death toll hits 2 million    Merkel pushes for centrist as party picks new leader    Egypt's Sisi discusses bilateral ties, regional developments with Sudanese delegation    Egypt's Mostaqbal Watan party dominates the leading posts of parliament's 25 committees    Egypt's budget deficit to GDP ratio receded to 3.6% in first half of FY2020/21, revenues rose by 16%    Mubarak-era politician Safwat El-Sherif dies aged 88    Handball: Egypt ease past Chile 35-29 in World Championship opener    Egypt's president, Siemens CEO discuss final deal on construction of electric train system    Hollywood actor Mena Massoud visits Giza pyramids, says is proud of Egyptian culture    Egypt confirms 970 new coronavirus cases, 55 deaths on Tuesday    EgyptAir to operate daily flight to Doha after lifting airspace ban on Qatar    Pound shielded from Covid-19    Egypt reopens airspace and resumes flights with Qatar    Egypt, Tunisia to establish maritime trade route    TVs were high in demand during 2020 on COVID-19 lock down: Samsung    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers    Cairo International Book Fair suspended for five months over coronavirus concerns    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Egypt seeks to issue $6-7 bln Eurobonds in FY2018/19
Published in Amwal Al Ghad on 11 - 04 - 2018

Egypt plans to issue $6-7 billion Eurobonds in the new fiscal year 2018/19, Finance Minister Amr el-Garhy said Wednesday.
This comes two days after Egypt raised $2.46 billion in a euro-denominated bond sale with maturities of eight and 12 years at rates of 4.75 and 5.625 percent respectively.
Garhy said that Egypt resorts to debt because it is in need for it, adding that the country's foreign debt is within safe limits.
He said that investment in Egypt's debt instruments reached more than $20 billion since the decision to float the Egyptian pound in late 2016.
Monday's issuance saw high interest from investors, attracting an overall €7.5 billion in orders from 350 investors from 35 different countries.
Garhy said that proceeds from the sale will be directed to the Central Bank of Egypt (CBE) to support foreign reserves, while the equivalent value in Egyptian pounds will be directed to finance the budget deficit.
The issuance was the second in 2018. In February Egypt sold $4 billion in dollar-denominated bonds on three tranches; three, five and 30 years.
Deputy Finance Minister for Capital Market Operations Khaled Abdelrahman told Reuters on Tuesday that Egypt will not need to issue any more Eurobonds until the end of 2018 at least.
Egypt's foreign reserves reached $42.611 billion at the end of March, a rise of nearly $87 million from $42.524 billion at the end of February, according to the CBE.
Egypt issued $7 billion in Eurobonds' sales in January and May 2017 on the global bond market, both of which were oversubscribed, according to the Ministry of Finance.


Clic here to read the story from its source.