27 Mar 2022

Egypt has successfully completed the sale of its first issuance of Japanese Yen-denominated Samurai Bond. The issuance was valued at YEN60bn, equivalent to about USD500mn. The annual coupon rate on the 5 years issuance was 0.85%, a rate that is much lower than the USD-denominated bond issuances.

The success of this bond sale reflects the confidence of international bond investors in Egyptian sovereign debt despite the severe negative repercussions and global economic challenges resulting from the Russia-Ukraine conflict, as well as the uneven global recovery from the Covid pandemic. Note that the sale of bonds denominated in Japanese Yens is the first in the MENA region, and comes as part of the Egyptian government’s efforts to diversify its sources of funding by tapping a variety of debt instruments, markets, and investors.

(Source: State Information Service (English) (Arabic), Ministry of Finance, Zawya (English) (Arabic), Egypt Today (English), Arab News (English), al-Maal, Mubasher, Amwal al-Ghad (English) (Arabic), Economy Plus Me, al-Ahram (English) (Arabic), al-Youm al-Saabe, al-Masry al-Youm, al-Watan, al-Dustour, Akhbar al-Youm, Sada el-Balad, Masrawy, al-Sharq Business, CNBC Arabia, al-Arabiya, Sky News Arabia, Sputnik)