Cairo – Egypt has secured $500 million in its first Japanese Yen bonds, despite the repercussions of the Russian-Ukrainian war and soaring commodity prices, the finance ministry announced in a press release.
The Arab republic was able to issue samurai bonds worth Yen 60 billion in the Japanese market last week.
Japanese Sumitomo Mitsui Banking Corporation Group managed the transaction process.
The government gained a yield of 0.85% for five years, an exceptional milestone compared to the prices of the USD bond issues, with an average total annual cost of 2.33% for the offering.
Minister of Finance, Mohamed Maait, said that issuing the first samurai bond reflects Egypt’s ability to return to the international bond markets in spite of the unprecedented global economic challenges in the current time.
It is worth noting that Mohamed Hegazy, the Ministry of Finance’s Head of Debt Management Unit, reportedly announced the Yen-denominated bonds plans on March 22.
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