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Egypt to start selling $912m bonds next week
March 10, 2010
The Egyptian Government's New Urban Communities Authority will begin selling bonds worth E£5 billion ($912 million, Dh3.3bn) next week, a Finance Ministry official said yesterday.
The offering will be the first since Egypt changed its laws in December to allow utilities and other quasi-government organizations issue bonds directly, a move designed to expand the country's debt market.
The sale will be open for about 10 days after the official announcement is published, said Mohamed Assaad, public debt advisor to the finance minister."It should be published in the newspaper on Sunday or by Monday at the latest," Assaad said.
Egypt said on Friday it also planned to tap the Eurobond market for $1-1.5bn within weeks, its first such issue since 2007.
Original Posting At: Business247
The offering will be the first since Egypt changed its laws in December to allow utilities and other quasi-government organizations issue bonds directly, a move designed to expand the country's debt market.
The sale will be open for about 10 days after the official announcement is published, said Mohamed Assaad, public debt advisor to the finance minister."It should be published in the newspaper on Sunday or by Monday at the latest," Assaad said.
Egypt said on Friday it also planned to tap the Eurobond market for $1-1.5bn within weeks, its first such issue since 2007.
Original Posting At: Business247
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