International Finance Review said that Egypt had succeeded in launching international sovereign bonds, at the end of last week, and that the high demand for purchasing these bonds proves that Egypt is one of the few options available to global investors today.
According to the Middle East News Agency, the company said in a report today that Egypt has proven to be a favorite among emerging market investors, despite the fact that some sectors of the economy were affected by the Corona pandemic (Covid 19).
REUTERS / AMR ABDALLAH DALSH
She added: “This comes after collecting about 5 billion US dollars, on Thursday, from the issuance of international sovereign bonds that were covered more than 4 times what is required (more than 21 billion dollars), reflecting the rushing of international investors and their confidence in the Egyptian economy.”
Yesterday, Egypt accepted $ 5 billion worth of offers for international bonds distributed over the first three tranches with a value of $ 1.25 billion in 4-year maturity in 2024 at a rate of 5.750%. $ 30 years worth 2050, with a return of 8.875%.
The research institute said that the success of the Egyptian bond offering came despite its issuance on a day when most European countries were on vacation, but the attractiveness of the Egyptian issuance dispelled fears of being affected by demand from European investors.
She pointed out that a poll that included more than 10 investors about their requests to purchase Egyptian bonds, showed that all respondents confirmed their desire to take this step.