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Thursday, 26 January 2017

Egypt Eyes Taking Bond Sales Eastward After $4 Billion Offer - Bloomberg

Egypt Eyes Taking Bond Sales Eastward After $4 Billion Offer - Bloomberg:

"Egypt may sell bonds in Japanese yen and Chinese yuan after the country raised $4 billion in its first foray into international capital markets since a currency devaluation in November. The sale of dollar-denominated bonds across three maturities on Tuesday was covered “multiple times,” and the country is now “studying carefully” future sales of notes in the Japanese and Chinese currencies, Finance Minister Amr El-Garhy said in an interview Wednesday with Bloomberg TV in London. The transaction comes two months after Egypt dismantled a currency peg, triggering a 50 percent devaluation as part of a package of reforms aimed at luring back foreign investors. Money managers buying the new notes were offered a premium -- about 30 basis points on the yield for 10-year securities in the sale over similar maturity bonds issued in 2015."



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