IDSC revealed on Wednesday that Egypt became the first country in the Middle East (ME) to issue Samurai Bonds, which is a corporate bond issued by foreign companies in the Japanese market and is required to abide by Japanese regulations.
According to a report released by IDSC, Egypt's issuance of the first bonds denominated in Japanese yen, worth $500 million.
The annual interest rate of the bonds is 0.85% for 5 years, which makes them more distinguished than dollar-denominated bonds and less expensive, the issuance confirmed investors' confidence in the Egyptian economy in light of the current global economic repercussions, the report noted.
It's worth mentioning that the Egyptian issuance of samurai bonds in the Japanese market succeeded in attracting many Japanese investors. This indicated their confidence in the solidity of the Egyptian economy and its ability to achieve its goals in light of the current global economic repercussions.
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