Here are the details
The Arab Republic of Egypt, represented by the Ministry of Finance, has been able to reissue the issue of the international bonds issued as a special offer to the Central Bank of Egypt on 10 November 2016 by issuing two new tranches with a maturity of 8 years and 12 years maturing 2026 and 2030
HSBC acted as settlement manager and the offer ended on November 19, 2018. The central bank of Egypt exchanged the issue with a group of large investment banks with reverse repo banks The offices of the International Legal Counsel's Office "Dehert" Local Al-Sharqawi and Sarhan to complete all legal procedures for issuance.
It is worth noting that the issuance of the two new tranches has been issued with a good return, despite the recent volatility of international financial markets, which has negatively affected many US, European and Asian markets, and Egypt's success in this step confirms confidence of the foreign investor in the Egyptian economy, Moody's views for August 2018 from stable to positive and the report of the International Monetary Fund (IMF), which welcomes the steps that have been implemented up to now in the economic reform program to achieve the desired sustainable development goals, REVER This Standard & Poor's Month and confirmed what he issued in May last year to raise Egypt's credit rating from B to B and Egypt's ability continue to improve its economy and increase infectious growth and debt reduction. "
This proposal is part of the mechanisms for implementing the Ministry of Finance's strategy to diversify sources of financing and transformation of short- to long-term debt through the issuance of long-term financial instruments to reduce the burden of government debt servicing and reduce the risk of " market, meeting the expected government financing needs for the current financial year and repaying its liabilities at the lowest possible cost in the medium to long term ene plan.
The Treasury has entered into an agreement with the Egyptian Central Bank to transfer foreign currency from the Egyptian pounds' proceeds and the addition of the value to the consolidated cash account of the Egyptian Central Bank.
On 10 November 2016, the Treasury was able to issue $ 4 billion worth of bonds on the Irish Stock Exchange through a special offer for the Central Bank of Egypt, which issued $ 1,360 million in bonds with an annual yield of 4, 62% due on December 10, 2017, with an annual yield of 6.75% due on November 10, 2024, and $ 1,320 million of bonds with an annual yield of 7% payable on 10 November 2028
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Source: Day 7