{"id":596433,"date":"2019-08-28T04:00:02","date_gmt":"2019-08-28T04:00:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/"},"modified":"2019-08-28T04:00:02","modified_gmt":"2019-08-28T04:00:02","slug":"egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/","title":{"rendered":"Egypt revisits possibility of issuing EGP-denominated bonds on the back of currency appreciation"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><b> EXCLUSIVE- EGP-denominated int\u2019l bond issuance could be back on the table:<\/b> The Finance Ministry is revisiting previously shelved plans to take an EGP-denominated bond issuance to the international market, two government sources tell Enterprise. According to our sources, the ministry has yet to determine the exact size and timing of the potential issuance, but will likely aim to pull the trigger early next year, depending on market conditions and investor appetite. Investors would purchase the bonds in USD, while the government would pay the principal and interest in EGP.<\/p>\n<p><b>Background:<\/b> A Bloomberg report <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/24\/egypt-considers-issuing-egp-denominated-bonds-on-international-market\/\">back in October<\/a> claimed that an EGP-denominated bond issuance on the international markets was in the cards, and said the transactions would be cleared through Belgium-based settlement company Euroclear instead of local banks. Our sources in the government <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/11\/egypt-will-not-issue-egp-denominated-bonds-during-the-next-two-fiscal-years\/\">later said<\/a> that the Madbouly Cabinet was not planning on moving ahead with the issuance for two fiscal years.<\/p>\n<p><b>It\u2019s all about the EGP appreciation and post-Zombie Apocalypse recovery:<\/b> The plan had initially been put on hold during the EM sell-off of April-December 2018. The decision to revisit the issuance comes following the EGP\u2019s resilience to global headwinds, and its appreciation over the last several months, our sources tell us. The EGP has risen significantly against the USD this year on the back of increased inflows from portfolio investors, a reduced imports bill, and increased tourism receipts \u2014 and <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL5N1ZS3NV\">potential intervention<\/a> from the Central Bank of Egypt. However, analysts <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/11\/the-question-on-everyones-lips-where-is-the-egp-heading\/\">we spoke with earlier this year<\/a> anticipate the EGP to reverse some of its gains later in the year, with most expecting the EGP \/ USD rate to return to the 17.50-18 range before the year is out. HC Securities also told us that monetary easing by the CBE would \u201cspark profit-taking by investors.\u201d<\/p>\n<p><b>In related news:<\/b> The Central Bank of Egypt repaid USD 3 bn in foreign currency debt during 1Q FY2019\/2020, including USD 946.6 mn of debt service payments, <a href=\"https:\/\/almalnews.com\/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%B3%D8%AF%D8%AF-3-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%AF%D9%8A%D9%88%D9%86\/\">according to Al Mal<\/a>. The growth of Egypt\u2019s external debt pile accelerated in 3Q FY2018\/2019, rising 10% to USD 106.2 bn during the quarter, <a href=\"https:\/\/www.cbe.org.eg\/_layouts\/15\/WopiFrame.aspx?sourcedoc=%7BB732D838-9BA5-44F6-82B4-378423B2B719%7D&file=External_Debt%202018-2019.xls.xlsx&action=default\">CBE data showed yesterday<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EXCLUSIVE- EGP-denominated int\u2019l bond issuance could be back on the table: The Finance Ministry is revisiting previously shelved plans to take an EGP-denominated bond issuance to the international market, two government sources tell Enterprise. According to our sources, the ministry has yet to determine the exact size and timing of the potential issuance, but will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":596434,"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":[82,7106,1419,115,72,276,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bonds","tag-debt","tag-egp","tag-emerging-markets","tag-enterpriseam","tag-finance-ministry","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"1a934ca3-e303-4c6a-9aaf-e336da11032f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/17.jpg","photo_position":"above","related_issue":[596428],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt revisits possibility of issuing EGP-denominated bonds on the back of currency appreciation - 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\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt revisits possibility of issuing EGP-denominated bonds on the back of currency appreciation\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- EGP-denominated int\u2019l bond issuance could be back on the table: The Finance Ministry is revisiting previously shelved plans to take an EGP-denominated bond issuance to the international market, two government sources tell Enterprise. According to our sources, the ministry has yet to determine the exact size and timing of the potential issuance, but will [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-28T04:00:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/17.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt revisits possibility of issuing EGP-denominated bonds on the back of currency appreciation\",\"datePublished\":\"2019-08-28T04:00:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/\"},\"wordCount\":359,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/17.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bonds\",\"debt\",\"EGP\",\"emerging markets\",\"EnterpriseAM\",\"Finance Ministry\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/\",\"name\":\"Egypt revisits possibility of issuing EGP-denominated bonds on the back of currency appreciation - 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A Bloomberg report from last month had claimed that an\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":544893,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/we-made-our-samurai-bond-debut-phd-closes-its-egp-3-25-bn-sukuk-offering\/","url_meta":{"origin":596433,"position":1},"title":"We made our Samurai bond debut + PHD closes its EGP 3.25 bn sukuk offering","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"Egypt successfully closed its maiden Samurai bond issuance, selling USD 500 mn (c.JPY 60 bn) of the JPY-denominated bonds in Japan today, the Finance Ministry said in a statement Thursday. The ministry took the issuance to market despite the spillover from the Russian invasion of Ukraine, and the sale makes\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/357.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599129,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/19\/egypt-considers-krw-denominated-bond-issuance\/","url_meta":{"origin":596433,"position":2},"title":"Egypt considers KRW-denominated bond issuance","author":"enterpriseam admin","date":"19 June 2019","format":false,"excerpt":"Egypt considers KRW-denominated bond issuance: The Madbouly government is considering issuing bonds denominated in South Korea;s KRW, Deputy Finance Minister for Capital Market Operations Khaled Abdelrahman told Reuters. The issuance would join Yuan-denominated (insensitively called \u201cPanda\u201d) bonds and Yen-denominated \u201cSamurai\u201d (Samurais are cool) bonds as possible options for an Asian\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":624645,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/16\/finmin-mulls-tapping-asian-liquidity-with-issuance-of-jpy-cny-denominated-bonds\/","url_meta":{"origin":596433,"position":3},"title":"FinMin mulls tapping Asian liquidity with issuance of JPY-, CNY-denominated bonds","author":"enterpriseam admin","date":"16 September 2018","format":false,"excerpt":"**#1 FinMin mulls tapping Asian liquidity with issuance of JPY-, CNY-denominated bonds: The Finance Ministry appears to have revived plans to hold a foreign currency-denominated bond issuance, according to remarks by Finance Minister Mohamed Maait in an interview with state-owned daily Al Ahram. The Finance Ministry had earlier suggested it\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":623174,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/24\/egypt-considers-issuing-egp-denominated-bonds-on-international-market\/","url_meta":{"origin":596433,"position":4},"title":"Egypt considers issuing EGP-denominated bonds on international market","author":"enterpriseam admin","date":"24 October 2018","format":false,"excerpt":"** #3 Egypt considers issuing EGP-denominated bonds on int\u2019l market: The Madbouly government is considering an EGP-denominated bond issuance on the international market to encourage overseas inflows and curb the cost of borrowing, four unnamed sources told Bloomberg. \u201cWhile investors would purchase the bonds in USD, the principal and interest\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":661170,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/24\/egypt-to-complete-egp-2-3-bn-sukuk-issuance-within-a-month\/","url_meta":{"origin":596433,"position":5},"title":"Egypt to complete EGP 2-3 bn sukuk issuance within a month","author":"enterpriseam admin","date":"24 February 2025","format":false,"excerpt":"The issuance will be Egypt\u2019s second-ever sukuk issuance and the first to be EGP-denominated","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1760.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\/596433","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=596433"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596433\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596434"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596433"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596433"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}