Public Management

Egypt : $4 bln Eurobond 5X oversubscribed

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

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.

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