Egypt launched a roadshow in South Korea as part of an effort to promote international bonds in Asia and Europe, announced the Finance Ministry during a press statement on Sunday.
In September, Egypt’s Minister of Finance, Mohamed Moeit, said that Egypt was looking to sell around $5bn worth in Eurobonds, possibly in the first quarter of 2019.
However, the country is unlikely to issue Japanese Yen – or Chinese Yuan-denominated bonds during the current fiscal year, ministry sources revealed earlier, adding that Egypt has yet to receive the blessings from the central banks of Japan and China, before the issuance.
Moeit, accompanied with Deputy Minister of Finance Ahmed Kouchouk, left Cairo on Saturday heading to South Korea for meetings with investors throughout the roadshow, and are expected to head to Indonesia afterwards, to participate in the IMF, and WB annual meetings.
In September, Egypt raised $2.46bn from the sale of 8-year and 12-year Eurobonds at 4.75% and 5.625% yield, respectively, in addition to the $4bn Eurobond issued in February, in an effort to finance the budget deficit, and increase the country’s foreign currency reserves.
Earlier, Kouchouk told Daily News Egypt, that the Ministry plans to offer dollar-denominated bonds on the global markets, with a value of $3-4bn, amid expectations of lower interest rates, compared to the previous two offerings in 2017.
The government borrowed $7bn in fiscal year 2017/18 through two issuances, the first in January worth $4bn, while the second took place in May worth $3bn, with maturity periods of five, 10, and 30 years.
