Egypt’s Eurobond oversubscribed by $8 bn

Egypt got $11 billion of orders for its $3 billion Eurobond sold yesterday, according to the finance ministry, a sign of investor confidence in Africa’s third largest economy which floated its currency-EGP- last November.
The coupon is yet to be disclosed.

The country went to the international bond markets seeking to take advantage of lower borrowing costs, after its economic policies earned the International Monetary Fund’s endorsement.

The most populous Arab nation offered more of the debt it issued in January, but at lower costs, according to a person familiar with the deal, across maturities in 2022, 2027 and 2047.