Egypt Issues $4 Billion in Bonds on Irish Stock Exchange

Egypt’s Ministry of Finance has issued a series of international bonds in the Irish Stock Exchange through a private placement in favor of the Central Bank of Egypt (CBE).

The bonds are worth a total of $4bn but were released as individual bonds with varying maturity dates. The first is worth $1.36bnwith an annual interest rate of 4.62% set to mature on 10 December 2017. There’s also a $1.32bn bond with a 6.75% interest rate maturing on 10 November 2024 and a $1.32bn bond at 7% for 10 November 2028.

Egypt’s Minister of Finance, Amr El-Garhy, told Daily News Egypt that this is a step towards diversifying financing sources for Egypt’s budget deficit and added that it also seeks to ease pressure on domestic funding sources and reduce cost of public debt.

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