{"id":608248,"date":"2023-10-17T00:00:00","date_gmt":"2023-10-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/our-maiden-panda-bond-issuance-hits-the-chinese-market\/"},"modified":"2023-10-17T00:00:00","modified_gmt":"2023-10-17T00:00:00","slug":"our-maiden-panda-bond-issuance-hits-the-chinese-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/17\/our-maiden-panda-bond-issuance-hits-the-chinese-market\/","title":{"rendered":"Our maiden panda bond issuance hits the Chinese market"},"content":{"rendered":"

Egypt closed its maiden panda bond issuance in China yesterday<\/strong> with a CNY 3.5 bn (USD 478.7 mn) issuance, the Finance Ministry said in a statement<\/a>. The three-year securities were priced at a 3.51% annual rate, lower than the yield on USD-denominated debt, Minister Mohamed Maait said. The issuance attracted \u201cmany\u201d Chinese investors, he added, saying the proceeds will be used to meet the country\u2019s sustainable development goals.<\/p>\n

Accessing capital markets:<\/strong> \u201cThe issuance attracted high-quality onshore investors and allowed access to capital markets despite the recent volatility in global markets and widening of Egypt\u2019s credit spreads,\u201d Vice Minister of Finance Ahmed Kouchouk told Enterprise.<\/p>\n

All for a green cause:<\/strong> The proceeds will be used to fund sustainable projects across a number of sectors including clean transport, healthcare, sustainable water use, renewable energy, affordable housing, and digital infrastructure as well as biodiversity conservation, Kouchouk told us. Egypt is the first African country to issue a guaranteed Panda sustainable bond.<\/p>\n

International backing: <\/strong>The African Development Bank<\/a> and Asian Infrastructure Investmen<\/a>t<\/a>Bank<\/a> provided guarantees for the issuance, a development Kouchouk said could \u201cpave the way for other issuers, especially sovereigns in Africa, to access RMB-denominated financing and China\u2019s interbank bond market.\u201d<\/p>\n

Remember: <\/strong>The inaugural issuance has been in the works since 2019,<\/a> but was put on hold due to the pandemic. The ministry\u2019s debt management recently brought the transaction back on the fast track for execution.<\/p>\n

Reducing reliance on the greenback:<\/strong> The ministry hopes that the CNY can become \u201can important and significant part of Egypt's basket of currencies\u201d and that yesterday\u2019s transaction will pave the way for further bilateral investment and sustainable financing between the two countries, Kouchouk said. <\/p>\n

Tip of the hat to China: <\/strong>\u201cIt was a real honor to have worked with our Chinese partners in such a short timeframe to deliver a successful transaction,\u201d Kouchouk said. \u201cOur Chinese partners showed us nothing but the greatest support and cooperation.\u201d<\/p>\n

BACKGROUND-<\/strong> Tightening global financial conditions, rising borrowing costs, and with concerns in some quarters about our debt levels have effectively shut us out of Western capital markets. The ministry is planning to close a USD 500 mn issuance of JPY-denominated samurai bonds in the coming weeks<\/a>, and raised USD 1.5 bn from its first-ever sovereign sukuk issuance<\/a> in February.<\/p>\n","protected":false},"excerpt":{"rendered":"

The three-year bonds will fund healthcare, clean transport, water, renewable energy and other sustainable projects<\/p>\n","protected":false},"author":1,"featured_media":608249,"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":[782,102,116,88,104,975,72,276,277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-ahmed-kouchouk","tag-capital-markets","tag-china","tag-debt-watch","tag-economy","tag-egypt-china-relations","tag-enterpriseam","tag-finance-ministry","tag-mohamed-maait","wpautop","entry"],"acf":{"mongo_id":"24a3b396-64fe-4ac7-8fd7-c6da54bdcb5a","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/816.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt closes maiden CNY 3.5 bn panda bond issuance","related_issue":[608241],"teaser":"The three-year bonds will fund healthcare, clean transport, water, renewable energy and other sustainable projects","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.07c52f1e-70f2-4b95-a504-35490187e397.mp3"},"yoast_head":"\nOur maiden panda bond issuance hits the Chinese market - 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Egypt hopes to issue c.USD 500 mn of CNY-denominated bonds(panda bonds) in China before the end of the year, Vice Minister of Finance Ahmed Kouchouk told Al Arabiya TV (watch, runtime: 8:34). There\u2019s no \u201chard number\u201d on the size of the issuance, which\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577890,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/sovereign-sukuk-sustainable-bond-issuances-coming-this-fy\/","url_meta":{"origin":608248,"position":1},"title":"Sovereign sukuk + sustainable bond issuances coming this FY?","author":"enterpriseam admin","date":"8 December 2022","format":false,"excerpt":"FinMin could take its maiden sovereign sukuk issuance to market in 1H 2023: The Finance Ministry is planning to sell USD 1.5-2.5 bn of sukuk, a shariah-compliant debt instrument, Finance Minister Mohamed Maait told Reuters yesterday. The timing of the issuance is still undetermined and the ministry will pull the\u2026","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\/2022\/12\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611301,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/05\/finmin-looks-to-india-for-potential-bond-offering-could-tap-up-to-usd-1-bn-in-separate-sustainability-bonds-next-year\/","url_meta":{"origin":608248,"position":2},"title":"FinMin looks to India for potential bond offering, could tap up to USD 1 bn in separate \u201csustainability bonds\u201d next year","author":"enterpriseam admin","date":"5 December 2023","format":false,"excerpt":"Egypt has been shut out of Western capital markets, forcing it to turn to to more unconventional sources of finance","rel":"","context":"In \"Bonds\"","block_context":{"text":"Bonds","link":"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/176.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544837,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/23\/samurai-bonds-coming-on-thursday\/","url_meta":{"origin":608248,"position":3},"title":"Samurai bonds coming on Thursday","author":"enterpriseam admin","date":"23 March 2022","format":false,"excerpt":"Our inaugural Samurai bond issuance is back on: The Finance Ministry plans to sell USD 500 mn in JPY-denominated Samurai bonds in Japan on Thursday, Mohamed Hegazy, head of the ministry\u2019s debt unit, told Enterprise yesterday. The issuance was announced by Finance Minister Mohamed Maait earlier this year, who said\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\/2022\/3\/311.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587443,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/finmin-to-take-usd-500-mn-panda-bond-issuance-to-market-in-3q-2023\/","url_meta":{"origin":608248,"position":4},"title":"FinMin to take USD 500 mn panda bond issuance to market in 3Q 2023","author":"enterpriseam admin","date":"28 May 2023","format":false,"excerpt":"The ministry delayed the issuance due to volatile market conditions","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\/2023\/5\/1453.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599936,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/15\/egypt-finance-ministry-not-decided-yet-on-asian-bonds\/","url_meta":{"origin":608248,"position":5},"title":"Egypt Finance Ministry not decided yet on Asian bonds","author":"enterpriseam admin","date":"15 January 2019","format":false,"excerpt":"Finance Ministry denies Samurai bonds are happening this week: The Finance Ministry has yet to make a decision on the timing, value, or currency for Egypt\u2019s first Asian bond issuance, the ministry said in a statement. The decision will depend on the interest generated at the ongoing Asia roadshow as\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\/2018\/10\/2549.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\/608248","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=608248"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/608248\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/608241"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/608249"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=608248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=608248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=608248"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=608248"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=608248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}