Maait added that the country’s first-ever issuance reflects the global capital market’s confidence in the Egyptian economy
Egypt has raised $1.5 billion from its inaugural sukuk issuance, with the three-year sukuk Islamic-dominated sovereign bonds attracting fresh investors from the markets of the GCC, Europe, and the US, explained Minister of Finance, Mohamed Maait in a statement earlier today.
Maait added that the country’s first-ever issuance reflects the global capital market’s confidence in the Egyptian economy, its future, and its ability to deal flexibly with internal and external shocks.
The sukuk covered 4x of its value, hitting $6.1 billion.
The bonds’ yield was lowered to 11%, down from 11.67%, explained the minister, pointing towards high demand, with 250 investors having purchased bonds after it was listed on the London Stock Exchange.
The sukuk was issued through The Egyptian Financial Company for Sovereign Taskeek.
Asset management funds, retirement trusts, banks, insurance and investment funds were the main investors that purchased the bonds, according to Maait.
With the offering, Egypt will have approached the global debt market for the first time since its Samurai bonds in March 2022.
The finance minister has previously stated that will be key in financing the state’s budget deficit as well as attracting new investors to the Egyptian market.
