Here are the details
The Arab Republic of Egypt, represented by the Ministry of Finance, reiterated the issue on the international bonds granted as a special offer for the Central Bank of Egypt on 10 November 2016 by issuing two new shares with a maturity of 8 years and 12 years mature 2026 and 2030.
HSBC was the Settlement Manager and the proposal was completed on 19 November 2018. The Central Bank of Egypt has exchanged the issue with a group of large investment banks with Reverse Banks Banks. The offices of the Office of Legal and International Adviser of Legal "Dechert" Local "Al-Sharqawi and Sarhan" are to complete all legal procedures for the issuance.
It is worth noting that the announcement of the two new shares has been announced at a good recovery rate despite the recent inconvenience of international financial markets, which has negatively affected many indicators of American, European and Asian markets. Egypt's success in this phase confirms the confidence of the foreign investor in the Egyptian economy, Moody's forecasts for August 2018 are gradually stable and the International Monetary Fund (IMF) report, which won the actions implemented This is the economic reform program to achieve the desired sustainable development goals, Reer The Standard & Poor month and confirmed what was announced last May to raise Egypt's credit rating from B to B- and ability Egypt to continue to improve its economy and increase infectious growth and reduce debt. "
This proposal is part of the Ministry of Finance's strategy implementation mechanisms to diversify long-term financial and long-term debt conversion by issuing long-term financial instruments to reduce the burden of servicing of public debt and reduce the risk of " Changing "In the local market, which covers the government's expected financial needs for the current financial year and repays its liabilities at the lowest possible cost in the medium and long term .
The Ministry of Finance terminated an agreement with the Central Bank of Egypt to transfer the foreign exchange of issuance earnings in Egypt pounds and add the value to the combined treasury account with Central Bank of Egypt.
On 10 November 2016, the Ministry of Finance was able to issue $ 4 billion worth of bonds on the Irish Stock Exchange through a special offer for the Central Bank of Egypt. The bonds were worth 1.360 million dollars with an annual yield of 4.62%, which is due on December 10, 2017, with an annual yield of 6.75% due on 10 November 2024, and bonds worth $ 1,320 million with an annual product of 7% payable on 10 November 2028.
We thank you, the Arabian visitors today, for browsing our website. If you have any questions about this news, the Ministry of Finance is able to republish international bonds in two new shares. Please let us know or leave a comment below.
Source: Day 7