Egypt Mulls $3b-$5b Eurobonds in 2016

Egypt Mulls $3b-$5b Eurobonds in 2016

Egypt requested proposals to issue $3b to $5b bonds in the current fiscal year as part of the government’s efforts to shore up reserves and end a foreign-currency shortage that is hampering economic growth, according to Egypt’s Prime Minister, Sherif Ismail, Bloomberg reported.

Egypt’s dollar-denominated 2025 bond rose to trade at its highest level since end-September 2015 after the country agreed to a three-year funding deal for $12b with the International Monetary Fund (IMF). The funds will be used to support the government’s reform program aimed at cutting the funding gap and improving the currency market, Reuters informed.

The Egyptian government last sold Eurobonds in 2015, but since then, officials have postponed sales as Egypt’s borrowing costs soared, according to Arab Finance.


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