Egypt issued samurai bonds in the Japanese market at 60 billion yen, which accounts to almost $500,000 billion, the Ministry of Finance announced in a statement, on Thursday.
Egypt became the first country in the Middle East to issue international bonds denominated in Japanese yen in the Japanese market.
The government obtained a lower pricing for Samurai bonds, which carry an annual coupon of 0.85 percent for five years, which makes it more special compared to the coupon prices of international dollar bond issues.
Maait pointed out that the Egyptian issuance of samurai bonds in the Japanese market succeeded in attracting many Japanese investors, the new issuance comes within the Ministry of Finance’s plan to diversify debt instruments, diversify issue currencies, issue markets, and investor segments, and to extend the life of the debt, reduce the cost of external debt, and then reduce the cost of financing, according to the Minister’s statement.
Also read: Egypt’s Ministry of Finance approves a 130bln EGP financial & social relief package
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.
