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Collection of $1.5bn in bonds expected by April - Daily News Egypt

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Collection of $1.5bn in bonds expected by April

Government finalising document to issue tender in order to decide which company will manage issuance

Ministry of Finance is set to review the final draft of Egypt’s economic reform programme set to precede the acceptance of the country’s pending $4.8bn International Monetary Fund (IMF) loan. (Daily News Egypt)
The collection of $1.5bn in international bonds is expected in April (DNE File Photo)

The collection of $1.5bn through the issuance of international bonds is expected by April, Minister of Finance Hany Kadry Dimian told Daily News Egypt on the sidelines of the conference marking the visit of the UK ministerial delegation to Egypt.

The minister previously announced that the issuance of the bonds will occur during the first quarter of 2015. Dimian pointed out that Egypt will issue the bonds without a guarantor.

“We are currently working on finalising the documents to issue the tender to decide who will manage the bond issuance,” the finance minister said.

In a November interview with Daily News Egypt, Dimian clarified that the market for issuance will be international, and not in just one market.

“We did receive some proposals to issue in specific regions, or for private issuance, but it is an opportunity to stimulate the market to pay attention to the Egyptian economy,” the minister said.

“The challenge that will face this issuance is that it’s the first in a long time, and we lack a yield curve to measure how the market will perform, Dimian added.

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