By: Taarek Refaat
CAIRO, Feb. 21(SEE)- Euro bonds are due to be issued next week with a value of € 1-1.5 billion, recording the ministry of finance’s second offering this year.
The offering is expected to show significant acquisition considering the global interest in Egyptian bonds, witnessed earlier this week.
last year Egypt launched its first euro-denominated international bond auction.
The ministry of finance announced on Wednesday that it had issued international bonds worth $ 4 billion to finance Off-budget activities.
The international bonds were offered in three different maturity periods including $ 750 million for 5 years with 6.2 percent return, $ 1.750 billion for 10 years with a return of 7.6 percent, and $ 1,500 billion for 30 years at 8.7 percent.
Egyptian Finance Minister Mohamed Mait said that Egypt intends to enter the international bond market before the end of June 2019, stressing that the next issue will be in currencies other than the greenback.
Last April, Egypt raised $ 2.46 billion from the sale of 8-12 years euro bonds at 4.75 percent and 5.625 percent, respectively.
Egypt attempts to reduce borrowing costs by relying more on international bond issuance than high-yielding domestic debt.
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