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Egypt plans $2b worth of Samurai bonds

Published : Monday, 14 January, 2019 at 12:00 AM  Count : 93

CAIRO, Jan 13: Egypt plans to issue $2 billion worth of Japanese yen-denominated bonds in the coming week, two government sources said.
Proceeds from the issue of so-called Samurai bonds will be used to repay debts of state oil company Egyptian General Petroleum Corp (EGPC), according to the sources, speaking on condition of anonymity.
Egypt has struggled to recover from years of turmoil after the 2011 pro-democracy uprising, and has borrowed heavily from abroad since it began an economic reform programme backed by the International Monetary Fund (IMF) in late 2016.
It raised 2 billion euros in bonds in April 2018, its first issue in the single currency.
Finance Minister Mohamed Maait said in December that Egypt was aiming for at least two foreign currency bond issues in the first quarter of 2019, without giving the size of the planned offer.
Earlier, he said Egypt was targeting $5 billion in foreign currency bonds and that the figure was subject to change.    -Reuters





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