Reforming Egypt raises US$4bn

Published: February 14, 2017

Investors appear willing to back Egypt’s long-term growth, after the IMF delivered a US$12bn endorsement

Egypt has made a return to the international bond markets, bolstered by an International Monetary Fund programme that has backstopped faltering investor confidence. The country sold US$4bn in 5, 10 and 30-year bonds, yielding 6.25%, 7.5% and 8.5%, respectively, after a global roadshow. BNP Paribas, Citigroup, JP Morgan and Natixis were the joint lead managers of the deal. Around 90% of the offers came from investment funds and banks, rather than domestic pension funds.

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