{"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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It also plans to issue EUR 1-2 bn in\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":632696,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/18\/nigeria-closes-bond-issuance-after-egypt-re-opens-market-for-em-debt\/","url_meta":{"origin":557606,"position":2},"title":"Nigeria closes bond issuance after Egypt re-opens market for EM debt","author":"enterpriseam admin","date":"18 February 2018","format":false,"excerpt":"You\u2019re welcome, Nigeria: Nigeria sold USD 2.5 bn in eurobonds on Thursday as it sought to lower funding costs by using the notes to refinance higher-yielding naira debt, Bloomberg reports. Nigeria issued USD 1.25 bn of 12-year bonds with a yield of 7.14 % and a separate 20-year tranche, also\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":601198,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/21\/egypt-closes-usd-4-bn-eurobond-issuance-offering-5x-oversubscribed\/","url_meta":{"origin":557606,"position":3},"title":"Egypt closes USD 4 bn eurobond issuance, offering 5x oversubscribed","author":"enterpriseam admin","date":"21 February 2019","format":false,"excerpt":"Egypt closes USD 4 bn eurobond issuance, offering 5x oversubscribed: Egypt successfully issued USD 4 bn USD-denominated eurobonds on Tuesday, the Finance Ministry said in a statement yesterday. The offering was more than 5x oversubscribed, attracting USD 21.5 bn in bids from 250 investors, according to the statement. The three-tranche\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":630125,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/12\/egypt-will-be-issuing-usd-6-7-bn-in-usd-denominated-eurobonds-in-fy2018-19\/","url_meta":{"origin":557606,"position":4},"title":"Egypt will be issuing USD 6-7 bn in USD-denominated eurobonds in FY2018-19","author":"enterpriseam admin","date":"12 April 2018","format":false,"excerpt":"Egypt will be issuing USD 6-7 bn in USD-denominated eurobonds in FY2018-19, said Finance Minister Amr El Garhy on Wednesday, Reuters reports. El Garhy reportedly said the issuance might take place at the end of 2018 or early 2019, according to Al Mal. Assistant Finance Minister for Capital Market Operations\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":602778,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/07\/egypt-closes-eur-2-bn-eurobond-issuance-in-final-intl-debt-auction-for-fy2018-19\/","url_meta":{"origin":557606,"position":5},"title":"Egypt closes EUR 2 bn eurobond issuance in final int\u2019l debt auction for FY2018-19","author":"enterpriseam admin","date":"7 April 2019","format":false,"excerpt":"Egypt closes EUR 2 bn eurobond issuance in final international debt auction for FY2018-19: Egypt sold EUR 2 bn worth of six- and 12-year EUR-denominated bonds in an issuance that went to market on the London Stock Exchange on Thursday, according to a Finance Ministry statement (pdf). The offering was\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}]}}