Public Management

Egypt : $4 bln Eurobond 5X oversubscribed

Egypt : $4 bln Eurobond 5X oversubscribed
Thursday, 21 February 2019 12:20

The $4 billion Eurobond issued by Egypt on February 19, 2019 to fund its budget deficit, was 5X oversubscribed, according to a release published by the finance ministry.  

The same source reveals that the subscription to that operation reached $21.5 billion. It also indicated that the issuance was divided into three tranches; a first 5-year $750 million tranche with 6.2% yield, a 10-year $1.75 billion with 7.6% yield and a 30-year $1.5 billion tranche with 8.7% yield.

Cited by Reuters, the deputy minister of finance Ahmed Kouchouk explained that most of these subscriptions were long-term and that the yields were “very good”.

Finance Minister Mohamed Maait (photo) declared that Egypt would come back on the international debt market before the end of the 2018-2019 fiscal year (that will end in June 2019) to issue Eurobonds denominated in other currencies other than the dollar. End January 2019, he indicated that his country would issue between $3 billion and $7 billion Eurobonds during Q1, 2019.

At the end of 2017-2028 fiscal year, Egypt’ external debt reached $92.64 billion. Its borrowing needs to refund the external debt is $10.51 billion for the 2018-2019 fiscal year.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• IFC issued a 24 billion Rwandan franc ($17M) local currency bond to boost Rwanda’s capital market and fund digital infrastructure.• The 8-year...
United Bank for Africa (UBA) plans to raise over 157 billion naira, approximately $102.5 million, through a rights issue. The Nigerian Stock...
Highlights: • New 1% US tax on outbound remittances to take effect January 1, 2026• Africa received $100 billion in remittances in 2023, outpacing...
23% of adults in Sub-Saharan Africa saved money using mobile accounts in 2024, well above the 9% average in low- and middle-income...
Most Read
01

Flutterwave gained a BCEAO license to operate in Senegal, expanding to 35 African countries. ...

Flutterwave Gains Senegal License, Eyes Growth in $1.5T African Payments Market
02

In Africa, the private sector is widely seen as the main engine of industrialization and plays a cen...

West Africa has tools to build strong industry, says IFC’s Olivier Buyoya
03

Highlights: • New 1% US tax on outbound remittances to take effect January 1, 2026• Africa received...

US Remittance Tax Could Weigh Heavily on African Economies
04

The former Nigerian president has passed away. A feared military figure and controversial head of st...

Muhammadu Buhari: ‘Baba Go Slow’ and a Legacy of Contrasts
05

Key Highlights • New national plan “Tchad Connexion 2030” earmarks $1.5 billion for digital tr...

Chad Plans $1.5 Billion Digital Investment by 2030
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.