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Egypt plans to issue $500m bonds in Chinese yuan

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Egypt ready to issue sovereign sukuks of $1.5-$2 billion although market conditions are not favourable, says finance minister.

Egypt is looking forward to issuing bonds in Chinese yuan worth more than $500 million, Egypt Today newspaper reported, citing Minister of Finance Mohamed Maait.

The minister said that the country was ready to issue sovereign sukuks of $1.5 billion to $2 billion, adding that the international markets were not suitable at present in terms of liquidity and cost.

In March, the Ministry of Finance announced a return to the international bond markets, despite the repercussions of the Russian-Ukrainian crisis and the unprecedented global economic challenges.

The ministry will also issue international bonds denominated in Japanese yen. 

Japanese multinational banking institution Sumitomo Mitsui Banking Corporation will manage the transaction.

The newspaper said that the yen-denominated five-year debt targets a yield of between 0.80 percent and 0.85 percent.