Egypt ‘plans $2bn worth of Samurai bonds’

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.