Egypt

The Republic of Egypt is planning to issue a euro denominated bond, its finance minister Amr El-Garhy told GlobalCapital at the IMF Annual Meetings in Washington DC. However, investors are not convinced the sovereign will be able to get the deal done.

Egypt garnered a mammoth $11bn book this week, letting it boost the size of its tap to $3bn as investors bet on a better future for the country under the stewardship of the International Monetary Fund.

A mammoth $11bn book helped Egypt take $3bn for the price of $2bn with its triple tranche tap, according to a banker on the deal, as demand for higher yielding EM credits continues.

Arab Republic of Egypt hit the screens on Wednesday morning with a much touted re-opening of its 2022, 2027 and 2047 bonds.

A $2bn tap from Oman on Tuesday has pushed the CEEMEA bond market into record territory. Bond issuance stands at $100.2bn, surpassing 2013's record of $99.7bn over the same period.

Rating: B3/B

Egypt scored $4bn with a well-timed, tightly priced dollar bond on Tuesday. The deal is Egypt’s first since a $12bn IMF extended fund facility was approved in November and is a huge vote of confidence for Egypt’s improving investment story.

After a raft of highly rated sovereigns, two single-B rated borrowers appeared this week to offer the first opportunity to buy true emerging market credit from the CEEMEA region this year. One deal was a record for its type while the other reopened a market dormant for years. Virginia Furness reports.

Egypt scored $4bn with its well timed, tightly priced dollar bond on Tuesday. The success of the deal was a function of both the strength of the market and the positive steps the Egyptian government has taken under its deal with the IMF.

Emerging market investors, starved of paper so far this year, have suddenly been flooded with interesting credits, and as Egypt’s blowout trade shows, they were ready for it.

Egypt opened books on its triple tranche dollar bond on Tuesday amid a swell of positive sentiment towards the country following recent comments by the IMF noting high satisfaction with its progress under its extended fund facility.

Arab Republic of Egypt’s roadshow schedule next week is packed out, suggesting ample interest in the sovereign’s slowly improving story as it nears its first bond sale in two years, according to bankers on the deal.