{"id":644159,"date":"2024-09-22T00:00:00","date_gmt":"2024-09-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/22\/egypt-is-looking-to-tap-usd-3-bn-worth-of-external-debt-by-june-kouchouk-reportedly-tells-foreign-investors\/"},"modified":"2024-09-22T00:00:00","modified_gmt":"2024-09-22T00:00:00","slug":"egypt-is-looking-to-tap-usd-3-bn-worth-of-external-debt-by-june-kouchouk-reportedly-tells-foreign-investors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/22\/egypt-is-looking-to-tap-usd-3-bn-worth-of-external-debt-by-june-kouchouk-reportedly-tells-foreign-investors\/","title":{"rendered":"Egypt is looking to tap USD 3 bn worth of external debt by June, Kouchouk reportedly tells foreign investors"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt signals it's ready to issue Eurobonds \u2014 and other issuances \u2014 for<\/strong><strong> the first time since 2021: <\/strong>Finance Minister Ahmed Kouchouk told foreign investors in London last week that Egypt was set to issue USD 3 bn in Eurobonds and other debt instruments in the current fiscal year coming to a close at the end of June, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-20\/egypt-is-planning-eurobond-sales-for-first-time-in-three-years?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing sources it says are familiar with the matter. Kouchouk did not reportedly provide a breakdown of how the total USD 3 bn would be issued.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eurobond issuances are in the <\/strong><strong>pipeline<\/strong><strong> \u2014 but not until at least February: <\/strong>The government is not planning to issue international bonds on global stock exchanges before February, a government source told Enterprise, commenting on the recent Bloomberg story.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government last issued Eurobonds in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0fcbee26-6e79-473b-acfe-a8c7c7de76c1\" style=\"\" rel=\"noopener\">late 2021<\/a>, selling USD 6.75 bn in bonds across two issuances in February and September. Since then, high global interest rates and domestic currency market instability have discouraged the issuance of USD-denominated debt on international markets. However, the US Federal Reserve\u2019s decision to cut rates a full <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8dc5d145-feeb-4c95-9f82-defa30fb5838\/fed-kicks-off-easing-cycle-with-a-bang\" style=\"\" rel=\"noopener\">half a percentage point<\/a> last week \u2014 a sign of the beginning of the end of globally high interest rates \u2014 may augur a revival of capital flows to emerging markets.<\/p>\n<p class=\"tag-border-left\"> THE GOVERNMENT\u2019S PLAN-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Three possible paths of re-entry to international debt markets:<\/strong> The source clarified that the government is considering re-entering international markets in three possible ways. First, it may issue USD-denominated bonds of up to USD 1 bn in an initial phase, then issue more depending on demand and the interest rates offered. Second, the government may issue sukuk, given growing demand for the instruments. Third, it may issue bonds supported by guarantees from international financial institutions like the IMF and the BRICS\u2019 New Development Bank to reduce interest rates.<\/p>\n<p class=\"tag-border-left\">ING THE WATERS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Discussions in London were preliminary: <\/strong>The source clarified that Finance Minister Ahmed Kouchouk\u2019s visit to London was a door-knocking mission aimed at understanding international market perceptions of the Egyptian economy, the source said, in part by presenting different alternatives related to financing and investment in order to solicit feedback and discussion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Fed\u2019s rate cut played a role in discussions: <\/strong>The source noted that the Fed\u2019s decision to lower interest rates by half a percentage point last week allowed the Egyptian delegation to present the prospect of issuing new foreign currency-denominated bonds on international markets, as part of a broader plan to direct investments toward the Egyptian economy and support foreign investments in both local and foreign debt instruments.<\/p>\n<p class=\"tag-border-left\">DIVERSIFYING DEBT INSTRUMENTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The gov\u2019t is aiming to diversify instruments to bring debt costs down: <\/strong>The key to reducing the cost of public debt is diversifying debt instruments and lowering interest rates by introducing innovative debt tools that attract more investors to the local market, the source told Enterprise. Egypt plans to restructure its local debt offerings by introducing new instruments before the beginning of 2025, the source said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve heard about these diversifying debt instruments from Kouchouk before:<\/strong> At his first presser as finance minister in August, Kouchouk <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44a65695-b89d-4d43-8b17-7609a798c7a0\/kouchouk-holds-his-first-presser,-giving-us-a-glance-at-what%25e2%2580%2599s-to-come\" style=\"\" rel=\"noopener\">noted<\/a> that the ministry would be looking to expand its debt instruments like treasury bonds, green bonds, and sukuk \u2014 as well as taking out soft loans from our multilateral partners.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key to bringing down costs is diversifying our debt instruments, gov\u2019t source says<\/p>\n","protected":false},"author":1,"featured_media":644160,"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":[7206],"tags":[82,7106,88,104,115,72,3690,276,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-644159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-bonds","tag-debt","tag-debt-watch","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-eurobonds","tag-finance-ministry","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"2231fb64-06b2-46fd-806a-eb46bbaead17","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1610.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt is looking to tap USD 3 bn worth of external debt by June, Kouchouk reportedly tells foreign investors","related_issue":[644151],"teaser":"Key to bringing down costs is diversifying our debt instruments, gov\u2019t source says","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.5079ded5-e681-4af9-961c-355e3efae334.mp3"},"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 is looking to tap USD 3 bn worth of external debt by June, Kouchouk reportedly tells foreign 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\/2024\/09\/22\/egypt-is-looking-to-tap-usd-3-bn-worth-of-external-debt-by-june-kouchouk-reportedly-tells-foreign-investors\/\" \/>\n<meta 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1-1.5 bn worth of green bonds or eurobonds","rel":"","context":"In &quot;Economy&quot;","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":659558,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/29\/egypt-re-enters-global-debt-market-with-usd-2-bn-eurobond-issuance\/","url_meta":{"origin":644159,"position":1},"title":"Egypt re-enters global debt market with USD 2 bn eurobond issuance","author":"enterpriseam admin","date":"29 January 2025","format":false,"excerpt":"The issuance is expected to be followed by a USD 1.5 bn sovereign sukuk offering this spring","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\/2098.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597779,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/egypt-to-issue-usd-1-bn-in-one-year-dollar-denominated-bonds-tomorrow\/","url_meta":{"origin":644159,"position":2},"title":"Egypt to issue USD 1 bn in one-year dollar-denominated bonds tomorrow","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"Egypt will issue USD 1 bn in one-year dollar-denominated treasury bills tomorrow, the Central Bank of Egypt has said. The auction will finish on Tuesday when around USD 1.1 bn worth of dollar-denominated bonds will mature. Vice Finance Minister Ahmed Kouchouk said earlier this year that the Finance Ministry is\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":601198,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/21\/egypt-closes-usd-4-bn-eurobond-issuance-offering-5x-oversubscribed\/","url_meta":{"origin":644159,"position":3},"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 &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\/2020\/1\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":655992,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/27\/egypt-to-issue-its-first-local-currency-sukuk-in-fy-2025-26\/","url_meta":{"origin":644159,"position":4},"title":"Egypt to issue its first local currency sukuk in FY 2025-26","author":"enterpriseam admin","date":"27 November 2024","format":false,"excerpt":"The move comes as the state seeks to diversify financing tools, cut borrowing costs, and fund development projects amid its EGP 1 tn spending cap","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\/2024\/10\/451.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":623058,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/21\/government-to-issue-eurobonds-in-usd-rmb-and-jpy-in-1q2019\/","url_meta":{"origin":644159,"position":5},"title":"Government to issue eurobonds in USD, RMB, and JPY in 1Q2019","author":"enterpriseam admin","date":"21 October 2018","format":false,"excerpt":"** #3 EXCLUSIVE- The government will be issuing eurobonds in USD, RMB, and JPY in 1Q2019 in a bid to diversify its sources of funding and attract new investors to Egypt\u2019s debt market, a senior government official told us yesterday. 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