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Egypt Plans More Eurobonds

Egypt Plans  More EurobondsEgypt Plans  More Eurobonds

Egypt will issue a €1.5 billion ($1.8 billion) bond by the end of November and plans to launch a new $10 billion Eurobond program next year, the Boursa newspaper reported on Sunday, Reuters said. Finance Minister Amr El Garhy told the newspaper that Cairo planned to sell Eurobonds worth $3 billion to $4 billion in the first quarter of 2018, but did not give a detailed timetable for the new program. Earlier this year, Egypt sold $7 billion in five-, 10- and 30-year bonds, part of its return to international markets after turmoil following the ouster of president Hosni Mubarak in 2011. El Garhy said the finance ministry would decide within the next two weeks when to issue the euro-denominated bonds but it would be before the end of November. That would be part of the existing program. “The issue will be in the range of €1.5 billion after the approval of the cabinet,” he said.

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