Egypt plans more Eurobond issues in coming months

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Egypt will issue a 1.8 billion (1.5 bln euro) bond by the end of November and then plans to launch a new $10 billion Eurobond program next year, the Boursa newspaper reported.

Finance Minister Amr El Garhy told the newspaper that Cairo planned to sell eurobonds worth $3 billion to $4 billion in the first quarter of 2018, but did not give a detailed timetable for the new program.

Earlier this year, Egypt sold $7 billion in five-, 10- and 30-year bonds, part of its return to international markets after turmoil following the ouster of president Hosni Mubarak in 2011.

El Garhy said the finance ministry would decide within the next two weeks when to issue the euro-denominated bonds but it would be before the end of November. That would be part of the existing program.

“The issue will be in the range of 1.5 billion euros after the approval of the cabinet,” he said.

“We aim at issuing bonds worth between $3 billion and $4 billion during the first quarter of the next year.”

Reviving the economy

Egypt has been negotiating billions of dollars in aid from lenders to help revive an economy hit by political upheaval since the 2011 revolt.

The International Monetary Fund in July approved a second loan instalment worth $1.25 billion, part of a three-year, $12 billion IMF credit that is tied to economic reforms such as subsidy cuts and tax hikes.

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