Egypt returned to the international debt market on Tuesday, raising USD 500 million (EGP 27.65 billion) by selling additional bonds under two existing dollar issues, the Finance Ministry said. The sale added USD 150 million (EGP 8.3 billion) to a bond maturing in 2030 and USD 350 million (EGP 19.36 billion) to one maturing in 2033, giving the new money an average maturity of about five years. Selling more of an already-trading bond, known as a reopening, lets a government raise money without creating a new security. The ministry said the sale was part of a strategy to diversify its funding tools and markets, reach new types of investors and lengthen the average life of the country’s debt. It said it returned despite global economic challenges, geopolitical tensions and heightened uncertainty. The ministry also renewed a pledge to cut the external debt of state budget entities by USD 1 billion (EGP 55.30 billion) to USD 2 billion (EGP 110.60 billion) a year, by repaying more each year than it borrows abroad. It said it reduced that debt by about USD 2.4 billion (EGP 132.72 billion) in the last fiscalContinue reading "Egypt Raises $500 Million by Reopening Existing Dollar Bonds"
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