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Egypt considers issuing three bond offerings till end of FY2019/20; may include green, Islamic bonds

Egypt’s finance minister clarified that the possible offerings could include issuing green, Islamic and variable-yield bonds

Doaa A.Moneim , Monday 9 Dec 2019
Egypt
Egypt's finance minister Mohamed Maait (Al-Ahram)
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Egypt is considering issuing three bond offerings during the 2019-2020 fiscal year, and the offerings could include green, Islamic and variable-yield bonds, Minister of Finance Mohamed Maait said in a statement on Monday.

In mid-November, the ministry issued foreign currency denominated bonds worth $2 billion in three tranches.

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

Foreign exchange reserves in Egypt have increased to $45.354 billion in November from $45.247 billion in October 2019, an increase of $107 million, which is the highest it has ever reached.

Meanwhile, the value of the Central Bank of Egypt’s (CBE) gold reserves was estimated at $3.148 billion in November, down from $3.267 billion in October, a decrease of $119 million, according to CBE data.

Hard currency reserves registered $41.930 billion in November, up from $41.611 billion in October, rising by $319 million.

Foreign exchange reserves averaged $22.026 billion from 1992 until 2019, reaching an all-time high of $45.354 billion in November 2019, with a record low of $100.88 million in June 1992, according to CBE data.

 

 

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