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Egypt May Sell First Yen, Yuan Bonds in Early 2019

  • Finance Minister Maait speaks to Bloomberg in phone interview
  • Plan is part of strategy to diversify debt sources, ease costs
Egypt Taps Dollar Debt as Reserves Fall, Costs Rise

Photographer: Shawn Baldwin/Bloomberg

Updated on

Egypt is considering issuing its first Japanese yen and Chinese yuan-denominated bonds in the first quarter of 2019 as part of efforts to diversify funding sources and boost foreign inflows, Finance Minister Mohamed Maait said.

The government has sold more than $13 billion in foreign currency-denominated bonds since it lifted most currency controls, raised interest rates and cut subsidies in November 2016 to help secure a $12 billion loan from the International Monetary Fund. Its first euro-denominated bond, issued in April, was oversubscribed. As volatility in emerging markets makes investors more cautious, however, the government is looking to expand its options.