Egypt Raises $2 Billion in Int'l Bonds for 1st Time since 2021

Egypt raised $2 billion from its international bond issuance, amid requests that reached $10 billion.

The issuance was in two tranches, the first worth $1.25 billion for a period of five years with a return of 8.625%, which was below the initial pricing of 9.25%.

The value of the second tranche amounted to $750 million for a period of 8 years with a return of 9.45%, which was slightly below the initial pricing of about 10%.

This is the first time that Egypt has returned to the traditional bond market since 2021, noting that it issued sukuk in 2023.

Egypt will resort to issuing sovereign sukuk before the end of the first half of this year, which may reach $1.5 billion.

Egypt's finance ministry has approved the issuance of $5 billion in international sukuk, of which $1.5 billion was issued in early 2023.

Egypt's finance minister said earlier that Cairo aims to raise between $3 billion and $4 billion in international debt by the end of the current fiscal year in June.

According to the finance ministry, Egypt will need to repay a $750 million euro bond due in April, a $1.5 billion dollar bond due in June, and a $750 million green bond due in October.