High demand for Egyptian sovereign bonds
According to recent reports, the issuance of Egyptian sovereign dollar bonds, an unprecedented move by Egypt, saw an unanticipated demand. Over 224 investors, 72 of whom were American and 161 from Europe were among the buyers of these highly desired bonds.
The issuance came following a worldwide tour by Minister of Economy Youssef Boutros Ghali, and Foreign Trade Minister Medhat Hassanein to the United States and to ten European nations. The value of subscription applications to these bonds amounted to $3.1 billion, while bids as high as $1.5 billion were received for the bonds.
As a result, the Egyptian government increased bond volume from $500 million medium-term bonds for a period of five years to $1 billion medium and long-term bonds with ten-year maturity. –(MENA Report)
© 2001 Mena Report (www.menareport.com)