Egypt on 24 May raised $3bn in a new Eurobond issue in the international debt market, twice as much as it originally planned, encouraged by strong market appetite for its previous $4bn Eurobond sale in January (MEES, 27 January).

The new issue consisted of $750mn of five-year paper at 5.45%; $1bn of 10-year bonds at 6.65%; and $1.25bn of 30-year bonds at 7.95%. Pricing on each portion was considerably tighter than for the January issue (see chart), reflecting the IMF’s recent increased backing of Egypt and cash inflows that saw foreign reserves hit $28.6bn at end-April, their highest level since 2010 (MEES, 19 May). (CONTINUED - 271 WORDS)