Egypt's finance ministry proposes two new Eurobond issuances: Sources

Reuters , Ahram Online , Sunday 17 Sep 2017

File Photo: Euro notes are pictured at a bank (Reuters)

Egypt’s finance ministry has asked the cabinet to approve two new eurobond issuances, two ministry sources told Reuters.

The first issuance would range between 1-2 billion Euros before the end of 2017.

The second would range from $4-8 billion and would be in 2018.

The sources said the finance ministry is looking to diversify its bond portfolio to attract different types of investors.

In early 2017, Egypt sold $7 billion in five, 10 and 30-year bonds on the Luxembourg Stock Exchange.

Egypt's foreign reserves registered $36.143 billion at the end of August 2017, continuing a rising streak over pre-2011 levels.

The reserves have been climbing since Egypt signed an agreement for a three-year $12 billion loan from the International Monetary Fund (IMF) in November 2017.

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