Egypt issues its first samurai bonds: Cabinet

MENA , Wednesday 6 Apr 2022

Egypt has issued its first Japanese yen-denominated bonds, aka "samurai bonds", worth $500 million, the Cabinet's Information and Decision Support Center (IDSC) said on Wednesday.

Egypt is the first country in the Middle East to issue the samurai bonds, as it attempts to diversify funding to overcome economic challenges caused by the outbreak of the Russia-Ukraine war.

The annual interest rate of the bonds is 0.85 percent over five years, the IDSC explained. The samurai bonds are, thus, less expensive than the dollar-dominated bonds, the IDSC noted.

The samurai bonds are provided with a credit guarantee from Japan's Sumitomo Mitsui Banking Corporation and are covered by its Nippon Life Insurance Company, according to the IDSC infographic.

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