{"id":571763,"date":"2020-05-31T04:55:39","date_gmt":"2020-05-31T04:55:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/31\/egypt-closes-record-usd-5-bn-eurobond-issuance-with-strong-appetite-from-global-investors\/"},"modified":"2020-05-31T04:55:39","modified_gmt":"2020-05-31T04:55:39","slug":"egypt-closes-record-usd-5-bn-eurobond-issuance-with-strong-appetite-from-global-investors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/31\/egypt-closes-record-usd-5-bn-eurobond-issuance-with-strong-appetite-from-global-investors\/","title":{"rendered":"Egypt closes record USD 5 bn eurobond issuance with strong appetite from global investors"},"content":{"rendered":"

<\/a> Egypt closes record USD 5 bn eurobond issuance with strong appetite from global <\/strong>investors: <\/strong>Egypt sold USD 5 bn in eurobonds in its largest-ever international issuance, the Finance Ministry said in a statement<\/a>. The issuance, which went to market on Thursday, 21 May, was 4.4x oversubscribed, having attracted bids for around USD 22 bn worth of bonds, \u201cconfirming the confidence of international markets in the performance of the Egyptian economy,\u201d the ministry said.<\/p>\n

About the issuance:<\/strong> The three-tranche issuance was split into USD 1.25 bn in four-year bonds at a yield of 5.75%, USD 1.75 bn in 12-year bonds at 7.625%, and USD 2 bn in 30-year bonds at 8.875%. Proceeds will be set aside to cover the state\u2019s financing needs in FY 2020-2021, which are forecast to come at EGP 988 bn (c. USD 62.3 bn), as well as ramp up spending needed to combat the covid-19 outbreak.<\/p>\n

There was global appetite for the issuance<\/strong>, with investors from Asia, Africa, North America, Europe, and the Middle East buying in. Nearly 60 of the 400 investors showing interest were newcomers to Egyptian eurobond sales. This helped guide final yields on the three tranches 50 bps lower than levels at which the bonds were marketed earlier in the day.<\/p>\n

The ministry is on the lookout for cheaper ways to service debt. <\/strong>It said earlier this month<\/a> it will limit the number of bids it accepts in EGP-denominated bond sales until the end of FY2019-2020 to both reduce borrowing costs while continuing to diversify funding sources to keep up with its debt control targets<\/a>. Egypt sold USD 2 bn in eurobonds during its last international issuance in November<\/a>.<\/p>\n

The issuance is the latest move by the government to find new sources of funding<\/strong> to cover revenue shortfalls caused by the covid-19 pandemic. Egypt earlier this month secured a USD 2.8 bn rapid financing instrument from the IMF, and is reportedly hoping to acquire an additional USD 5 bn from the fund in the form of a stand-by arrangement<\/a>. \u201cAuthorities are moving preemptively to raise additional buffers amid an uncertain global environment,\u201d Bloomberg quoted<\/a> EFG head of macroeconomic research Mohamed Abu Basha as saying.<\/p>\n

Advisors: <\/strong>BNP Paribas, Citigroup, HSBC, JPMorgan and Standard Chartered were tapped to arrange the sale, Reuters noted<\/a>. Zaki Hashem & Partners provided legal counsel on Egyptian laws to the arrangers, while Linklaters advised on English and US law, according to an emailed statement (pdf)<\/a>.<\/p>\n

The flood of stimulus in advanced economies is driving appetite for EM debt: <\/strong>Bonds issued by African governments were some of the best performers in emerging markets in May as the wave of stimulus unleashed in the developed world sends investors in search of yield, Bloomberg said<\/a> in a commentary piece following Egypt\u2019s eurobond sale. The shift in sentiment could help defuse a potential debt crisis<\/a> for EM countries caused by capital flight in March.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 around USD 22 bn worth […]<\/p>\n","protected":false},"author":1,"featured_media":571764,"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":[8572],"tags":[2653,115,72,3690,7087,272,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-budgeting","tag-emerging-markets","tag-enterpriseam","tag-eurobonds","tag-finance","tag-imf","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"925263b4-1bc7-4df7-bcdc-3335f83063f0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/247.jpg","photo_position":"above","related_issue":[571758],"teaser":"","voice_url":""},"yoast_head":"\nEgypt closes record USD 5 bn eurobond issuance with strong appetite from global investors - 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\/2020\/05\/31\/egypt-closes-record-usd-5-bn-eurobond-issuance-with-strong-appetite-from-global-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt closes record USD 5 bn eurobond issuance with strong appetite from global investors\" \/>\n<meta property=\"og:description\" content=\"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. 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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":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":571763,"position":1},"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":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":571763,"position":2},"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":593006,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/14\/egypt-kicks-off-marketing-for-upcoming-eurobond-issuance\/","url_meta":{"origin":571763,"position":3},"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":601198,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/21\/egypt-closes-usd-4-bn-eurobond-issuance-offering-5x-oversubscribed\/","url_meta":{"origin":571763,"position":4},"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":594495,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/31\/egypt-selects-five-international-banks-to-promote-usd-denominated-eurobond-issuance\/","url_meta":{"origin":571763,"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\/571763","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=571763"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571763\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/571764"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571763"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571763"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}