Politics

Egypt says 2 bln eurobond offer completes international debt auction for FY 18/19

Reuters

CAIRO, April 5 () - Egypt said on Friday it would not return to the international debt market during the current financial year ending in June, after raising 2 billion euros ($2.25 billion) in six and 12-year euro-denominated bonds.

The finance ministry said it had received nearly 9 billion euros ($10.10 billion)-worth of requests for the bonds. It had offered750 million euros in six-year papers and 1.25 billion euro in 12-year notes, to be settled on April 11.

A document issued by one of the banks leading the deal indicated that the bonds were priced on Thursday. Banca IMI, BNP Paribas, Natixis and Standard Chartered Bank are bookrunners for the offer.

Officials say they are trying to diversify the country's sources of foreign debt and lengthen its average maturity and had previously raised the possibility of issuing bonds denominated in an Asian currency.

In February, Egypt issued $4 billion in dollar-denominated bonds with maturities of five, 10 and 30 years.

($1 = 0.8906 euros)


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