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Egypt paid $1.36bn of international bond balances in December 2018 - Daily News Egypt

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Egypt paid $1.36bn of international bond balances in December 2018

Ministry of Finance reduced volume of outstanding balances of international bonds to $19.21bn end-2018


On 10 December 2018, Egypt paid about $1.36bn of the outstanding international bond balances, according to the figures of the ministry of finance obtained by Daily News Egypt.

The ministry of finance floated these bonds on 10 November 2016 in a special offering on the London Stock Exchange, one of three tranches offered at the time with an interest rate of 4.62%.

The ministry noted that after paying these bonds, Egypt’s stock of bonds offered on international markets fell to $19.21bn by the end of December 2018, compared to $20.57bn at the end of November.

The map of Egypt’s international bond offerings indicates that the government has offered bonds worth about $9.75bn.

In 19 November 2018, the finance ministry floated two tranches of bonds worth $2.57bn.

The first tranche of $860m was floated for a period of eight years and is due on 10 November 2026 bearing an interest of 7.125%.

The second tranche was worth $1.71bn and will mature in 12 years, due to be repaid on 10 November 2030. These bonds have an interest rate of 7.625%.

Last year, the ministry of finance offered T-bonds worth $3bn on 21 February 2018, including $1.25bn for five years due on 21 November 2023. Bonds worth $1.25bn for 10 years are due on 21 February 2028, and another set of $1.5bn for 30 years are due on 21 February 2048.

Furthermore, the ministry of finance succeeded in January 2018 in offering three tranches which attracted $4bn.

The first tranche of these bonds is worth $1.750bn and had an interest rate of 6.125%, due on 31 January 2022; the second tranche is worth $1bn with an interest rate of 7.5bn and is due on 31 January 2027, while the third tranche was worth $1.25bn with an interest rate of 8.5% to be repaid on 31 January 2047.

On 29 May 2017, the government put forward an offering of $1bn with an interest of 7.5% for 10 years to be repaid on 31 January 2027.At the same time, it also offered a set of bonds worth $750m with an interest of 6.125% for seven years to be repaid on 31 January 2022, in addition to a third set worth $1.25bn with an interest rate of 8.5% for 30 years to be repaid in 31 January 2047.

On 10 November 2016, the ministry of finance offered three tranches worth $4bn in total in a special offering on the London Stock Exchange.

The first tranche of these bonds was issued with a value of $1.360bn with an interest rate of 4.62% due on 10 December 2018; plus a second tranche of $1.3bn with an interest rate of 6.75% due on 10 November 2024, and a third tranche worth $1.32bn with an interest of 7% due on 10 November 2028.

Another offering of $1.5bn was floated on 11 June 2015, with an interest of 5.875%, due for repayment on 11 June 2025.

In addition to these bonds, there are several offerings on the international markets, including $1bn offering floated in 29 April 2010, with an interest of 5.75%, to be repaid on 29 April 2020, as well as another tranche worth $500m, offered on 29 April 2010, with an interest of 6.875%, due on 29 April 2040.

Moreover, another €2bn worth of bonds were offered by the ministry of finance on 16 April 2018 distributed over two tranches; the first of €1bn was at a return rate of 4.75%, due on 16 April 2026, while the second tranche is worth €1bn, bearing an interest rate of 5.625%, due on 16 April 2030.

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https://dailyfeed.dailynewsegypt.com/2019/01/22/egypt-paid-1-36bn-of-international-bond-balances-in-december-2018/
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