Egypt’s Ministry of Finance has yet to set a date for issuing Chinese renminbi-denominated Panda and Japanese yen-denominated Samurai bonds on the Asian markets, according to a Monday press statement.
The statement came following media reports that Egypt will offer around $2bn worth of Samurai bonds in the coming period.
Egypt has been relying on bonds to bridge financial gaps, as well as a variety of funding sources, including grants and loans, since the start of the economic reform programme in 2016.
The statement indicated that the value of Asian markets bonds issuance would be limited.
Moreover, the ministry aims to complete a roadshow to promote Egypt’s international bonds in February with visits to Hong Kong, Taiwan, and the Gulf region.
In October 2018, Egypt launched a roadshow in South Korea as part of an effort to promote international bonds in Asia and Europe.
Egypt’s Minister of Finance Mohamed Moeit said last September that Egypt was looking forward to selling around $5bn worth of Eurobonds in the first quarter of 2019.
On Sunday, Moeit revealed that the ministry has received the cabinet’s approval for $3 – $7bn worth of foreign bond offers, without disclosing the currency.
Egypt has been considering the issuance of Chinese renminbi-denominated Panda and Japanese yen-denominated Samurai bonds in an effort to vary from the euro and US dollar bond since 2017.
The government has borrowed $7bn in the fiscal year 2017/18 through two bond issuances, the first of $4bn was in January 2018, while the second of $3bn took place in May 2018, with maturity periods of five, 10, and 30 years.