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Egypt is eyeing a return to the EUR-denominated bond market for the first time in years, with the Finance Ministry weighing a EUR 1 bn issuance in 2Q 2026, two senior government officials tell EnterpriseAM. A separate eurobond tranche is also being considered for later in the year, provided international market conditions remain stable.
Why it matters: The potential issuance is part of Egypt’s broader strategy to gradually re-enter international debt markets while diversifying funding sources to lower borrowing costs and tap investor demand, alongside continued progress on structural economic reforms. Egypt currently plans to issue between USD 2 bn and USD 2.5 bn in international bonds during 1H 2026 after shelving a planned February offering due to global market volatility.
Structure and timing under review: The Finance Ministry is working with issuance advisors to determine the optimal structure, timing, and target markets for the planned issuance, according to the officials. One official noted that “EUR markets are currently more stable, and we have a maturity falling due next April that will be repaid.” The final timeline has yet to be determined pending the outcome of consultations with our advisor investment banks, they added.
ADVISORS: Potential lead managers for the issuance include BNP Paribas, Bank of Alexandria, Deutsche Bank, and Standard Chartered, one of the officials tells us.
Another USD issuance is in the pipeline: In addition to the EUR-denominated tranche, a USD-denominated offering is expected before the end of the fiscal year on 30 June to help close the funding gap. According to an official document reviewed by EnterpriseAM, Egypt faces upcoming maturities including EUR-denominated bonds and Panda bonds due in October.
Solid repayment track record: Egypt met its external debt obligations earlier this year through the repayment of two eurobond tranches worth USD 750 mn and USD 1.5 bn in February. “Egypt does not default on its obligations,” an official said, adding that this commitment to repayment has led to a sharp decline in Egypt’s Credit Default Swaps (CDS). Our five-year CDs have recently hit their lowest level since 2020, falling below 270 bps in January, and helped drive foreign investment in government debt to USD 45 bn by the end of 2025.
