Egyptian eurobonds are killing it compared to African peers

Egypt is beating all of its African peers when it comes to eurobond issuances, having raised more than USD 22 bn since the beginning of 2017,Bloomberg says. Egypt has raised more debt during this time period than Nigeria and South Africa combined. Egypt sold on Friday EUR 2 bn worth of six- and 12-year EUR-denominated bonds in an issuance on the London Stock Exchange. The offering was more than 4x oversubscribed, attracting EUR 9 bn in requests from more than 450 investors. The country also sold USD 4 bn n in USD-denominated eurobonds in February in an issuance that was 5x oversubscribed, attracting USD 21.5 bn in bids from 250 investors. Egypt has said it would not tap the international debt market again before the next fiscal year, which begins on 1 July.