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Egypt Sells $3 Billion of Bonds in Rush to Beat Fed Taper

  • Three-part sale is Egypt’s second Eurobond offering of 2021
  • Emerging markets are rushing to raise debt amid low rates
Updated on

Egypt sold $3 billion in its second Eurobond issuance of the year, joining a rush of emerging-market governments taking advantage of low borrowing costs before the U.S. Federal Reserve starts tapering its pandemic stimulus.

The issuance was three times oversubscribed, with total bids of $9 billion by more than 300 investors from U.S., Europe, Asia, Middle East and Africa, the Finance Ministry said Friday in a statement.