Cairo – Mubasher: The Egyptian government will be issuing its first Japanese Yen-denominated bonds to raise an equivalent of nearly $500 million, Bloomberg cited the Ministry of Finance’s Head of Debt Management Unit, Mohamed Hegazy, on Tuesday.
The debt instrument offering will be implemented in a private placement that would be completed on 24 March, Hegazy noted, adding that the issue will target a yield ranging from 0.80% to 0.85%.
Through the five-year bonds issue, the government would diversify funding for the local economy which has been under pressure from the war in Ukraine as well as rising commodity prices, the official added.
Sumitomo Mitsui Banking Corporation is reportedly managing the transaction.
On 21 March, Egypt increased interest rates by 100 basis points in an unscheduled meeting. Accordingly, the Central Bank of Egypt (CBE) cancelled the Monetary Policy Committee (MPC) meeting that was scheduled to be held later this week.
