Egypt succeeds in returning to international markets with a value of 3 billion dollars in bonds.. I know the details

The financial statement for the new fiscal year 2022/2023, submitted by Finance Minister Dr. Mohamed Maait to the House of Representatives headed by Counselor Dr. Hanafi Jabali, sheds light on the Egyptian experience and its success in returning to the international bond markets, including the issuance of bonds numbered in US dollars. In this regard, we review the experience of issuing bonds numbered in US dollars, according to the financial statement:

1- Egypt, represented by the Ministry of Finance, succeeded in the first offering of international dollar bonds during the fiscal year 21/2022, despite the continuing state of uncertainty and exceptional circumstances witnessed by the world and global financial markets due to the repercussions of the Corona pandemic. International bonds worth $3 billion in three tranches (6-12-30 years), with issued values ​​of $1.125 billion, $1.125 billion and $750 million, respectively.

2- The Ministry of Finance was able to offer a 6-year bond at an interest rate of 5.800% in return for an opening return declared to investors at a value of 6.125%, and a 12-year bond at a rate of 7.300% at an opening return of 7.625%, and a 30-year bond at a return rate of 8,750% Opening of 8.875%.

3- It is noteworthy that the interest rates on Egyptian international bonds issued in May 2020 were higher, as the interest rate on 4-year bonds reached 5.75%, 12-year bonds regarding 7.625% and 30-year bonds regarding 8.87%.

4- The demand for Egyptian international bonds, which came from more than 300 investors, who made offers to buy Egyptian international bonds, which before the end of the offering amounted to regarding $9 billion, representing a coverage ratio of regarding 3 times the value of the offering, which amounted to $3 billion. Interest (coupon).