CAIRO, May 15 (Reuters) - 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 than expected.
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.
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 Eurobond issuance.
AdvertisementIt 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) ((firstname.lastname@example.org; +20 2 2394 8102; Reuters Messaging: email@example.com))
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