Eurobond sale might be delayed, Finance Minister says
The government’s planned Eurobond issuance of USD2-2.5bn might be delayed due to “fluctuations in markets, according to Finance Minister Amr Al-Garhy. This comes after the country last week sealed a USD2bn loan from commercial banks – backed by Eurobond issued solely for the Central Bank of Egypt – a transaction structure that was ‘elevated’ interest rates in parts of the market, Al-Garhy said. The government expects USD8-10bn in foreign inflows via T-bills, T-bonds, and stocks in three-six months, according to El-Garhy. (Bloomberg)
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