{"id":611301,"date":"2023-12-05T00:00:00","date_gmt":"2023-12-05T00:00:00","guid":{"rendered":"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\/"},"modified":"2023-12-05T00:00:00","modified_gmt":"2023-12-05T00:00:00","slug":"finmin-looks-to-india-for-potential-bond-offering-could-tap-up-to-usd-1-bn-in-separate-sustainability-bonds-next-year","status":"publish","type":"post","link":"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\/","title":{"rendered":"FinMin looks to India for potential bond offering, could tap up to USD 1 bn in separate \u201csustainability bonds\u201d next year"},"content":{"rendered":"

After China and Japan, Egypt could turn to the Indian capital markets next ye<\/strong>ar:<\/strong>The Finance Ministry is looking to raise USD 500 mn in a bond issuance in India in 2024, Minister Mohamed Maait told CNBC Arabia in an interview yesterday (watch, runtime: 11:47<\/a>). The bond would be denominated in INR, and mark the first time Egypt has issued debt in India.<\/p>\n

ICYMI-<\/strong> Maait said last month that we are looking to raise FX from India\u2019s capital markets todiversify our sources of funding during a meeting<\/a> with the Indian ambassador to Cairo. This comes a few weeks after local-currency issuances in China<\/a> and Japan<\/a>, which raised the equivalent of USD 980 mn in CNY- and JPY-denominated debt.<\/p>\n

Reports of a 2024 green bond issuance might no longer be rumors:<\/strong> The ministry hopes to raise anywhere between USD 500 mn and USD 1 bn via an issuance of \u201csustainability bonds\u201d next year, Maait told the broadcaster on the sidelines of the COP28 summit in Dubai. With green bonds, blue bonds, social bonds, and others all falling under the rubric of \u201csustainable bonds,\u201d the type of debt the minister was referring to wasn\u2019t immediately clear. Chatter in the local press<\/a> last month claimed that the government is considering a second green bond issuance in 2024. <\/p>\n

A fresh sukuk <\/strong>issuance <\/strong>is still in the ministry\u2019s plans:<\/strong> Maait reiterated plans for a second sukuk issuance next year though didn\u2019t offer any details about the ministry\u2019s thinking. A ministry source told us in October<\/a> that it could take to market a USD 1 bn issuance in 1Q 2024. Egypt raised USD 1.5 bn<\/a> in its maiden issuance in February this year.<\/p>\n

Remember:<\/strong> Higher global interest rates and a prolonged currency crisis have all but shut Egypt out of Western capital markets, prompting Egypt to turn to more new sources of finance<\/a>. <\/p>\n

** We\u2019ve got Panda and Samurai bonds, but what to call an INR-denominated bond? <\/strong>We\u2019re open to suggestions.<\/strong><\/p>\n

T-BILL ROLLOVER-<\/strong><\/p>\n

The Central Bank of Egypt (CBE) has sold USD 990 mn of USD-denominated <\/strong>treasury bills<\/strong> at an average yield of 5.149% yield in an auction yesterday to refinance existing debt, according to CBE figures. The yield is 55 bps higher than the maturing bills sold in December 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt has been shut out of Western capital markets, forcing it to turn to to more unconventional sources of finance<\/p>\n","protected":false},"author":1,"featured_media":611302,"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":[1],"tags":[82,271,88,6551,72,276,224,1404,277,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-611301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-bonds","tag-central-bank-of-egypt","tag-debt-watch","tag-egypt-india-relations","tag-enterpriseam","tag-finance-ministry","tag-green-bonds","tag-india","tag-mohamed-maait","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"531e2aa1-9b1f-438f-becc-54db56b73c1a","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/176.JPG","photo_position":"above","homepage_title":"","full_issue_title":"Egypt plans USD 500 mn India bond issuance in 2024","related_issue":[611296],"teaser":"Egypt has been shut out of Western capital markets, forcing it to turn to to more unconventional sources of finance","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.e90a8862-2824-47dd-aa4d-80cfab038bd9.mp3"},"yoast_head":"\nFinMin looks to India for potential bond offering, could tap up to USD 1 bn in separate \u201csustainability bonds\u201d next year - 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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":599883,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/finmin-heads-east-ahead-of-egypts-bond-issuances\/","url_meta":{"origin":611301,"position":1},"title":"FinMin heads east ahead of Egypt\u2019s bond issuances","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"Maait heads to Asia to pave the way for bond issuances: Finance Minister Mohamed Maait will begin a trip today that will see him visit Japan, South Korea, Hong Kong and China to discuss bond issuances. The government is now more flexible and is seeking to diversify \u201cthe currency, 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":543388,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/were-looking-to-join-euroclear-during-2h2022-another-round-of-green-bonds\/","url_meta":{"origin":611301,"position":2},"title":"We\u2019re looking to join Euroclear during 2H2022 + Another round of green bonds","author":"enterpriseam admin","date":"31 January 2022","format":false,"excerpt":"We likely won\u2019t join Euroclear until 2H2022: Local Egyptian debt probably won\u2019t be made \u201cEuroclearable\u201d until the second half of 2022 due to an unresolved \u201ctechnical point\u201d between the government and the Belgium-based clearinghouse, Finance Minister Mohamed Maait told CNBC Arabia (watch, runtime: 5:26).Why is Euroclear a big thing for\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\/1\/538.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590005,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/12\/finmin-wants-to-raise-usd-3-bn-in-debt-by-the-end-of-2023-plus-quick-economic-update-from-maait\/","url_meta":{"origin":611301,"position":3},"title":"FinMin wants to raise USD 3 bn in debt by the end of 2023. PLUS: Quick economic update from Maait","author":"enterpriseam admin","date":"12 July 2023","format":false,"excerpt":"Egypt has only tapped the int\u2019l debt markets once since March 2022","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\/2023\/7\/447.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574953,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/28\/could-we-be-fast-approaching-our-maiden-green-bond-issuance\/","url_meta":{"origin":611301,"position":4},"title":"Could we be fast approaching our maiden green bond issuance?","author":"enterpriseam admin","date":"28 September 2020","format":false,"excerpt":"Egypt will soon go to market with its first maiden sovereign green bond, Finance Minister Mohamed Maait said yesterday, saying the ministry was \u201cpreparing to launch\u201d the offering. Maait stopped short of offering guidance on timing, but had said in July that the USD 500 mn offering was in \u201cadvanced\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\/9\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589291,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/aiib-is-a-potential-guarantor-for-our-next-green-bonds-sale\/","url_meta":{"origin":611301,"position":5},"title":"AIIB is a potential guarantor for our next green bonds sale","author":"enterpriseam admin","date":"25 June 2023","format":false,"excerpt":"This would be AIIB\u2019s first guarantee of a country\u2019s green bonds issuance","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\/6\/1206.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\/611301","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=611301"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/611301\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/611296"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/611302"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=611301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=611301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=611301"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=611301"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=611301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}