{"id":557606,"date":"2021-09-26T04:00:58","date_gmt":"2021-09-26T04:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/egypt-sells-usd-3-bn-of-eurobonds\/"},"modified":"2021-09-26T04:00:58","modified_gmt":"2021-09-26T04:00:58","slug":"egypt-sells-usd-3-bn-of-eurobonds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/egypt-sells-usd-3-bn-of-eurobonds\/","title":{"rendered":"Egypt sells USD 3 bn of eurobonds"},"content":{"rendered":"

<\/a> Egypt successfully sold USD 3 bn of eurobonds in last Thursday\u2019s issuance \u2014 a sale that <\/strong>was 3x oversubscribed<\/strong>, according to a Finance Ministry statement<\/a> on Friday. Egypt received offers for USD 9 bn on USD-denominated bonds, with 6-, 12-, and 30-year tenors. Egypt sold USD 1.125 bn worth of 6-year notes at a yield of 5.8%, USD 1.125 bn in 12-year notes at a yield of 7.3%, and USD 750 mn in 30-year bonds at 8.75%.<\/p>\n

Final yields were cut by as much as 32.5 bps thanks to the strong demand<\/strong> among the 300 participating investors. Egypt had offered<\/a> the 6-year bonds at a yield of 6.125%, while the 12- and 30-year bonds carried yields of 7.625% and 8.875%, respectively. Egypt last tapped international markets back in February<\/a> with a USD 3.75 bn in USD-denominated eurobond sale that was 4x oversubscribed.<\/p>\n

But our yields and interest rates are still among the highest in the world: <\/strong>The emerging markets that are best prepared to manage the impact of the US Fed\u2019s stimulus tapering are those that are sitting on positive interest rates, \u201cand Egypt is at the forefront of that,\u201d with real interest rates at around 3%, Hasnain Malik, who heads equities research at Tellimer, told Bloomberg TV on Thursday (watch, runtime: 6:58<\/a>).<\/p>\n

Advisers: <\/strong>HSBC, FAB, Citibank, Standard Chartered, and JP Morgan advised on the sale.<\/sup><\/p>\n

On your marks, get set, sell:<\/strong> Egypt has joined the growing list of emerging-market governments that have gone to the international debt markets in recent days wanting to capitalize on the low-rate environment before the US Federal Reserve and other central banks begin to taper stimulus measures<\/a>. The past week alone saw governments and companies issue USD 36 bn in USD- and EUR-denominated debt after the previous 10 weeks saw only USD 90 bn raised, according to Bloomberg<\/a>. \u201cSales from Indonesia, Turkey, Chile, Serbia and Hungary were all met with robust investor demand,\u201d it notes.<\/p>\n

EMs that are not doing well? <\/strong>EMs with negative real interest rates will have the hardest time with the Fed\u2019s tapering, including places like Argentina, Nigeria and Poland, says Malik. Here in the region, Saudi Arabia is particularly vulnerable with a -4.7% real interest rate. That has driven a lot of liquidity out of fixed income and into equities, he noted.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt successfully sold USD 3 bn of eurobonds in last Thursday\u2019s issuance \u2014 a sale that was 3x oversubscribed, according to a Finance Ministry statement on Friday. Egypt received offers for USD 9 bn on USD-denominated bonds, with 6-, 12-, and 30-year tenors. Egypt sold USD 1.125 bn worth of 6-year notes at a yield […]<\/p>\n","protected":false},"author":1,"featured_media":557607,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[82,104,72,276],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-bonds","tag-economy","tag-enterpriseam","tag-finance-ministry","wpautop","entry"],"acf":{"mongo_id":"3bac1988-3ad3-472c-94b4-3f1bc54bb126","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/348.jpg","photo_position":"above","related_issue":[557602],"teaser":"","voice_url":""},"yoast_head":"\nEgypt sells USD 3 bn of eurobonds - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/26\/egypt-sells-usd-3-bn-of-eurobonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt sells USD 3 bn of eurobonds\" \/>\n<meta property=\"og:description\" content=\"Egypt successfully sold USD 3 bn of eurobonds in last Thursday\u2019s issuance \u2014 a sale that was 3x oversubscribed, according to a Finance Ministry statement on Friday. 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The offering was more\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559926,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/09\/egypt-sells-usd-3-75-bn-of-eurobonds-in-first-intl-debt-sale-of-2021\/","url_meta":{"origin":557606,"position":1},"title":"Egypt sells USD 3.75 bn of eurobonds in first int\u2019l debt sale of 2021","author":"enterpriseam admin","date":"9 February 2021","format":false,"excerpt":"Egypt sold USD 3.75 bn in USD-denominated eurobonds yesterday at \u201csignificantly lower\u201d yields than recent issuances, Reuters reports, citing a document from one of the banks working on the debt sale. Press reports had emerged last year suggesting that Egypt was planning a USD 3-4 bn EUR- or USD-denominated eurobond\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/151.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593006,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/14\/egypt-kicks-off-marketing-for-upcoming-eurobond-issuance\/","url_meta":{"origin":557606,"position":2},"title":"Egypt kicks off marketing for upcoming eurobond issuance","author":"enterpriseam admin","date":"14 November 2019","format":false,"excerpt":"Egypt begins marketing for its triple-tranche USD eurobond issuance, says its receiving subscription requests: Egypt began yesterday marketing its upcoming eurobond issuance, Reuters reports, citing a document from one of the issuance\u2019s advisors. The Finance Ministry, which is also inviting subscription requests, and is targeting a sale of between USD\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/5\/1090.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571763,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/31\/egypt-closes-record-usd-5-bn-eurobond-issuance-with-strong-appetite-from-global-investors\/","url_meta":{"origin":557606,"position":3},"title":"Egypt closes record USD 5 bn eurobond issuance with strong appetite from global investors","author":"enterpriseam admin","date":"31 May 2020","format":false,"excerpt":"Egypt closes record USD 5 bn eurobond issuance with strong appetite from global investors: Egypt sold USD 5 bn in eurobonds in its largest-ever international issuance, the Finance Ministry said in a statement. The issuance, which went to market on Thursday, 21 May, was 4.4x oversubscribed, having attracted bids for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/247.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595319,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/23\/egypt-to-tap-intl-banks-to-manage-usd-2-5-3-bn-eurobond-issuance-within-three-weeks\/","url_meta":{"origin":557606,"position":4},"title":"Egypt to tap int\u2019l banks to manage USD 2.5-3 bn eurobond issuance within three weeks","author":"enterpriseam admin","date":"23 September 2019","format":false,"excerpt":"Gov\u2019t to begin talks with banks over USD 2.5-3 bn eurobond issuance within three weeks: The Finance Ministry expects to begin talks within three weeks with some 20 international investment banks and 7-8 local and international law firms to advise on a USD 2.5-3 bn issuance of USD-denominated eurobonds on\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594495,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/31\/egypt-selects-five-international-banks-to-promote-usd-denominated-eurobond-issuance\/","url_meta":{"origin":557606,"position":5},"title":"Egypt selects five international banks to promote USD-denominated Eurobond issuance","author":"enterpriseam admin","date":"31 October 2019","format":false,"excerpt":"Egypt selects advisors for USD-denominated bond issuance this FY: Egypt has selected five international banks to advise on an upcoming USD-denominated bond issuance on the Luxembourg Stock Exchange, the Finance Ministry said, naming Citibank, JPMorgan, BNP Paribas, Natixis and Standard Chartered. Meanwhile, Al Tamimi & Company was selected as local\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557606"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557606\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557607"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557606"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557606"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}