Egypt, ILO launch economic empowerment program to secure sustainable jobs for youth, women    'We can't wait:' Biden to push US Congress for $1.9 trillion in COVID-19 relief    De Jong leads Barcelona to win over Elche in Spanish league    2 in 5 Americans live where COVID-19 strains hospital ICUs    Ora Developers Egypt signs EGP 2.54 billion loan agreement    Defense chief orders review of military sex assault programs    Nigeria's number one lender, Access Bank, is looking at Egypt    British supermodel Naomi Campbell visits Egypt    Personal loans dominate 77.5 % of NBE's retail banking portfolio    Egyptian pop music producer Mido Mounib dies at 41    Egypt will inoculate medical staff with COVID-19 vaccination this week    Egypt's Sisi ratifies extension of state of emergency for three months    New daily Coronavirus cases continued to fall over the weekend    South African mourns death of jazz 'giant' Jonas Gwangwa    Klopp says Burnley shock can spark Liverpool turnaround    Manchester City's Guardiola says Foden must not look to emulate De Bruyne    Eight cabinet ministers to deliver statements before Egypt's parliament this week    China rescues nine miners after 14 days trapped underground: CCTV    3,000 arrested at protests demanding Navalny's release    Sudan reiterates concerns over planned 2nd GERD filling without binding deal    IMF urges deficit control in Tunisia even as protesters demand jobs    Egypt's Sisi to inaugurate fish farming project in Port Said Saturday    Egypt reports 748 new coronavirus cases, 52 deaths on Friday    Donald Trump says goodbye to the White House    BREAKING: Egypt resumes diplomatic relations with Qatar ending 4-year boycott    Egypt reports 899 new coronavirus cases, 58 deaths on Tuesday    Egypt sends medical supplies to help Jordan battle coronavirus    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 considers first yen, yuan-bond sale early 2019: minister
Published in Amwal Al Ghad on 22 - 10 - 2018

Egypt is considering issuing its first Japanese yen and Chinese yuan-denominated bonds in the first quarter of 2019 as part of efforts to diversify funding sources and boost foreign inflows, its Finance Minister Mohamed Maait told Bloomberg on Monday.
The government has sold more than $13 billion in foreign currency-denominated bonds since it lifted most currency controls, raised interest rates and cut subsidies in November 2016 to help secure a $12 billion loan from the International Monetary Fund. Its first euro-denominated bond, issued in April, was oversubscribed. As volatility in emerging markets makes investors more cautious, however, the government is looking to expand its options.
Maait visited Seoul this month, and Egypt has plans for non-deal roadshows in China, Japan, Malaysia, and other Asian and European countries before the year's out.
He said the Asian bonds would come in addition to planned euro and dollar-denominated issuances as Egypt tries to ease its reliance on the dollar.
"We want to diversify our debt instruments and currencies. We aim to have a basket of bonds in several currencies," Maait said in a telephone interview.
Diversifying
Maait has previously said that Egypt plans to issue about $5 billion in international bonds during the current fiscal year, which ends in June. Asked about its plans, he said the size of the issuances, the currencies and the exact timings had yet to be finalised.
"Asian countries have certain requirements in the bonds' issuance prospectus and we should meet these requirements before issuing the bonds," he said, without expanding on what the requirements were.
Plans to seek out Asian investors are part of a broader strategy to expand borrowing options and reduce the burden of growing debt servicing costs on the budget.
Demand for Egyptian domestic debt fell this year as volatility swept through emerging markets. At least $7 billion flowed out of local treasury bonds in the five months from the end of March.
Faltering demand spurred an increase in yields across the board and the country is seeking to minimize its borrowing costs by relying more on longer term international bonds than expensive treasuries.
In an effort to attract more inflows from overseas institutional investors into its local debt market, the government is also in talks with Belgium-based Euroclear to settle its domestic debt transactions and hopes to approach JPMorgan Chase & Co. for inclusion in its emerging-market bond indexes.
Source: Bloomberg


Clic here to read the story from its source.