The Egyptian government will issue its dollar-denominated bonds today, Thursday, for the second time in 2021, and it will be encouraged by lower borrowing costs, as well as before the US Federal Reserve begins reducing monetary stimulus.
According to Arabiya Net, the bonds are divided into 6, 12 and 30-year tranches, with an initial indicative price of about 6.125, 7.625 and 8.875%, respectively.
The government has appointed banks including JPMorgan Chase, Citigroup, HSBC and First Abu Dhabi Bank to manage the deal, which aims to raise $2.5 billion, two sources familiar with the matter said. to $3 billion.
In previous statements, Egyptian Finance Minister Mohamed Maait said that Egypt might issue dollar or euro-denominated bonds and might sell more green bonds before the end of the fiscal year in next June.
Last year, Egypt sold $3.8 billion in bonds in international markets, as well as $750 million in the region's first sovereign green bond offering.
Egypt also hopes to issue its first sovereign sukuk in the first half of 2022. According to Maait, who said, we have not decided the size yet, but it could range between $500 million and $700 million.
