Egypt ‘plans $2bn worth of Samu­rai bonds’

Arab News - - Business News -

Egypt in­tends to is­sue $2 bil­lion worth of Ja­pa­nese yen-de­nom­i­nated bonds in the com­ing week, two gov­ern­ment sources said, part of up to $7 bil­lion in planned for­eign bond of­fers.

Fi­nance Min­is­ter Mo­hamed Maait said his min­istry had re­ceived ap­proval for be­tween $3 bil­lion and $7 bil­lion of for­eign bond of­fers. He did not say what cur­rency bonds would be sold in or spec­ify the time frame.

“The min­istry has got ap­proval from the cab­i­net to of­fer in­ter­na­tional bonds and the pro­ce­dures have started,” Maait told re­porters on the side­lines of an in­vest­ment con­fer­ence.

“The value will not be less than $3 bil­lion and will not ex­ceed $7 bil­lion.”

Maait said in De­cem­ber that Egypt was aim­ing for at least two for­eign cur­rency bond is­sues in the first quar­ter of 2019.

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