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'Suffering' German economy narrowly escapes recession in third quarter - REUTERS

NOVEMBER 14, 2019

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CAIRO, Nov 14 (Reuters) - Egypt has issued dollar-denominated eurobonds worth $2 billion in three tranches to cover part of its $5 billion 2019-2020 budget, the finance ministry said in a statement on Thursday.

The issuance included $500 million of four-year bonds with a 4.55% yield, $1 billion of 12-year bonds with a 7.05% yield, and $500 million of 40-year bonds with a 8.15% yield, it said.

Subscription orders exceeded $14.5 billion within few hours of the issuance announcement, which helped lower the yields by 45 basis points compared with the initial price guidance, the ministry said.

It described the 40-year bond as “the longest international bond in the Middle East and North Africa”.

Egypt has a difficult foreign-debt repayment schedule for the next two years and is trying to expand its investor base, extend its maturity and borrow at lower interest rates.

The country’s foreign debt stood at $108.7 billion at the end of June, up 17.3% year-on-year.

Reporting by Ehab Farouk, writing by Mahmoud Mourad; editing by Toby Chopra, Larry King

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