More color on Egypt bond issuance program expected in January

The Madbouly government will release details on its 1Q2019 international bond issuances sometime in January, according to remarks attributed to Finance Minister Mohamed Maait by the domestic press. Egypt will target “untapped” European and Asian markets for the issuances, the timing and size of which will be made clearer in January, according to the report.

Background: Egypt has been preparing to issue USD 4-7 bn worth of yen-, yuan-, USD-, and EUR-denominated bonds in 1Q2019, we reported earlier this month. Egypt has also been waiting on global markets to stabilize before moving ahead with its issuances, government source had previously told us. Maait had earlier suggested Egypt could next tap the bond market in February or April.