{"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) - 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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":659219,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/23\/egypt-to-return-to-international-debt-markets-as-soon-as-next-month\/","url_meta":{"origin":644159,"position":1},"title":"Egypt to return to international debt markets as soon as next month?","author":"enterpriseam admin","date":"23 January 2025","format":false,"excerpt":"The country is planning to issue between USD 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":543459,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/finmins-ahmed-kouchouk-mitigating-the-fed-our-first-sovereign-sukuk-and-how-we-got-back-onto-the-jpmorgan-bond-index\/","url_meta":{"origin":644159,"position":2},"title":"FinMin\u2019s Ahmed Kouchouk mitigating the Fed, our first sovereign sukuk and how we got back onto the JPMorgan bond index","author":"enterpriseam admin","date":"2 February 2022","format":false,"excerpt":"EXCLUSIVE- How our inclusion in the JPMorgan indices will help with us manage our debt as countries around the world raise key interest rates: On the face of it, the timing of Egypt rejoining JPMorgan\u2019s emerging-market bond index might not have been ideal, considering the US Federal Reserve\u2019s push to\u2026","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\/2022\/2\/18.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":3},"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":567238,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/16\/egypt-is-pressing-pause-on-usd-denominated-eurobond-issuances-for-the-remainder-of-fy2019-2020\/","url_meta":{"origin":644159,"position":4},"title":"Egypt is pressing pause on USD-denominated eurobond issuances for the remainder of FY2019-2020","author":"enterpriseam admin","date":"16 January 2020","format":false,"excerpt":"EXCLUSIVE- The government is pressing pause on USD-denominated eurobond issuances for the remainder of the current fiscal year and will instead rely on a diverse set of debt instruments during the coming period, Finance Minister Mohamed Maait told Enterprise. Egypt successfully issued USD 2 bn-worth of USD-denominated eurobonds in a\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":599883,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/finmin-heads-east-ahead-of-egypts-bond-issuances\/","url_meta":{"origin":644159,"position":5},"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. 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