{"id":559926,"date":"2021-02-09T03:50:35","date_gmt":"2021-02-09T03:50:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/09\/egypt-sells-usd-3-75-bn-of-eurobonds-in-first-intl-debt-sale-of-2021\/"},"modified":"2021-02-09T03:50:35","modified_gmt":"2021-02-09T03:50:35","slug":"egypt-sells-usd-3-75-bn-of-eurobonds-in-first-intl-debt-sale-of-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/09\/egypt-sells-usd-3-75-bn-of-eurobonds-in-first-intl-debt-sale-of-2021\/","title":{"rendered":"Egypt sells USD 3.75 bn of eurobonds in first int\u2019l debt sale of 2021"},"content":{"rendered":"

<\/a> Egypt sold USD 3.75 bn in USD-denominated eurobonds yesterday at<\/strong> \u201csignificantly lower\u201d yields than recent issuances<\/strong>, Reuters<\/a> 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 sale in 1Q2021, which Finance Minister Mohamed Maait denied<\/a> at the time, saying the ministry was not actively working towards an issuance.<\/p>\n

The sale saw Egypt receive some USD 15 bn in orders, making the issuance around 4x oversubscribed.<\/strong> The bulk of the demand was for long-term notes, the document shows, according to Reuters. The proceeds will be used to partially cover a USD 8 bn financing gap for FY2020-2021, Bloomberg<\/a> reports, citing EFG Hermes. The state budget, approved by the House of Representatives, gives the Finance Ministry the license to borrow up to USD 7 bn through debt instruments in the international market.<\/p>\n

About the issuance:<\/strong> The three-tranche issuance included USD 750 mn in five-year bonds at a yield of 3.875%, USD 1.5 bn in 10-year bonds at 5.875%, and another USD 1.5 bn in 40-year bonds at 7.5%. The initial price guidance was higher for all three tranches, showing that \u201cthe risk premium has dropped considerably,\u201d Naeem Brokerage\u2019s Allen Sandeep told the newswire.<\/p>\n

Timing is right:<\/strong> \u201cIt\u2019s a good time for the issuance, considering the drop in yields over the past few months and the positive outlook for emerging markets this year,\u201d EFG\u2019s Mohamed Abu Basha told Bloomberg. Speaking ahead of the sale, he expected the issuance would be met with strong demand.<\/p>\n

This was the first eurobond sale in the current fiscal year, and the second time Egypt has sold 40-year bonds<\/strong>, which were last featured in the USD 2 bn eurobond sale in 2019<\/a>. The 40-year notes are part of Egypt\u2019s plan to diversify its sources of funding and ease fiscal pressure by shifting to longer-term debt.<\/p>\n

Egypt has had a good run:<\/strong> The government took a record USD 5 bn eurobond issuance<\/a> to market last May, which was 4.4x oversubscribed, and made its first sovereign green bond issuance<\/a> worth USD 750 mn last September, attracting more than USD 3.7 bn of orders for the climate friendly securities.<\/p>\n

Advisors: <\/strong>Citigroup, First Abu Dhabi Bank, Goldman Sachs, HSBC, JPMorgan Chase & Co., and Standard Chartered arranged and managed the sale.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 sale in 1Q2021, which Finance […]<\/p>\n","protected":false},"author":1,"featured_media":559927,"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":[7274],"tags":[7106,88,72,3690,276],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-enterpriseam","tag-eurobonds","tag-finance-ministry","wpautop","entry"],"acf":{"mongo_id":"94498ea7-0305-484a-9bac-6085ffdec1ca","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/151.jpg","photo_position":"above","related_issue":[559920],"teaser":"","voice_url":""},"yoast_head":"\nEgypt sells USD 3.75 bn of eurobonds in first int\u2019l debt sale of 2021 - 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\/02\/09\/egypt-sells-usd-3-75-bn-of-eurobonds-in-first-intl-debt-sale-of-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt sells USD 3.75 bn of eurobonds in first int\u2019l debt sale of 2021\" \/>\n<meta property=\"og:description\" content=\"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. 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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":566168,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/01\/finmin-will-not-be-selling-usd-2-3-bn-in-eurobonds-this-month\/","url_meta":{"origin":559926,"position":1},"title":"FinMin will not be selling USD 2-3 bn in eurobonds this month","author":"enterpriseam admin","date":"1 June 2021","format":false,"excerpt":"FACT CHECK- The Finance Ministry has denied a CNBC Arabia report that it is planning a fresh sale of eurobonds soon. The report had quoted banking sources saying that ministry officials are in talks with debt investors to raise between USD 2-3 bn on the international debt market before the\u2026","rel":"","context":"In "SPEED ROUND: FACT CHECK"","block_context":{"text":"SPEED ROUND: FACT CHECK","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-fact-check\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":659219,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/23\/egypt-to-return-to-international-debt-markets-as-soon-as-next-month\/","url_meta":{"origin":559926,"position":2},"title":"Egypt to return to international debt markets as soon as next month?","author":"enterpriseam admin","date":"23 January 2025","format":false,"excerpt":"The country is planning to issue between USD 1-1.5 bn worth of green bonds or eurobonds","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1658.jpg?fit=%2C&ssl=1&resize=350%2C200","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":559926,"position":3},"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":[]},{"id":601142,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/20\/egypt-markets-usd-denominated-eurobonds-to-international-investors\/","url_meta":{"origin":559926,"position":4},"title":"Egypt markets USD-denominated eurobonds to international investors","author":"enterpriseam admin","date":"20 February 2019","format":false,"excerpt":"Egypt opens book for USD-denominated eurobonds: Egypt marketed its USD-denominated eurobonds to international investors in Luxembourg yesterday, Finance Minister Mohamed Maait told Reuters. \u201cWe started in the morning and will continue to receive offers from investors everywhere in the world until late [on Tuesday],\u201d he said, declining to reveal the\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":642581,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/17\/govt-could-issue-up-to-usd-4-bn-in-eurobonds-in-january\/","url_meta":{"origin":559926,"position":5},"title":"Gov\u2019t could issue up to USD 4 bn in eurobonds in January","author":"enterpriseam admin","date":"17 August 2017","format":false,"excerpt":"The Finance Ministry is weighing raising up to USD 4 bn eurobond issuance in January, an official said, according to Bloomberg\u2019s Mirette Magdy. \u201cThe ministry may approach investment banks to select advisers for the possible sale within three months. \u2026 The amount and the timing would depend on market conditions,\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559926","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=559926"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559926\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559927"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559926"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559926"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}