Egypt eyes $2B Samu­rai bonds soon

Khaleej Times - - INTERNATIONAL -

cairo — Egypt in­tends to is­sue $2 bil­lion worth of Ja­panese yen­de­nom­i­nated 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 cab­i­net ap­proval for $3 bil­lion to $7 bil­lion of for­eign bond of­fers. He did not say what cur­rency bonds would be sold in or spec­ify the time frame, though he said Egypt was look­ing “to di­ver­sify cur­ren­cies, prod­ucts and mar­kets to find good fi­nanc­ing al­ter­na­tives”.

“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.”

Egypt has bor­rowed heav­ily from abroad since it be­gan an eco­nomic re­form pro­gramme backed by the In­ter­na­tional Mone­tary Fund in late-2016.

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

Egyp­tian of­fi­cials have pre­vi­ously said Ja­panese yen and Chi­nese yuan were two of the cur­ren­cies they were con­sid­er­ing as the coun­try looks to sell debt in cur­ren­cies other than the euro and US dol­lar. —

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