(Adds Eurobond programme details, context)
CAIRO May 15 Egypt will issue a Eurobond of
between $1.5 billion and $2 billion within the next week,
Finance Minister Amr El Garhy told Reuters on Monday.
Egypt sold $4 billion of Eurobonds in three tranches in
January, raising twice as much as targeted and at lower yields
A second issuance with high turnout in just five months
would suggest growing appetite among foreign investors for
Egypt, which has struggled to revive its economy following a
political uprising in 2011.
The country has sought a variety of funding sources to plug
its financing needs as it pushes through ambitious economic
reforms that include subsidy cuts and tax hikes as part of a
three-year $12 billion IMF programme widely praised by
economists and investors.
In April the government raised the cap on the maximum amount
of dollar bonds it can issue on international markets per year
to $7 billion from $5 billion, paving the way for another
It said at the time that the Ministry of Finance was seeking
to obtain additional financing in the face of a rise in interest
rates on the domestic market and to increase U.S. dollar
reserves held by the central bank.
The new bonds will not require a second roadshow as they
will be part of the same debt programme issued in January.
(Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by
Toby Chopra and Raissa Kasolowsky)