Cairo – Mubasher: Egypt’s recent dollar-denominated bond issue has recorded the highest oversubscription rate when compared to the country’s previous Eurobond issuances, the finance minister Mohamed Maait said in a statement released by the cabinet on Thursday.

The $2 billion triple-tranche bond issue has been oversubscribed by more than seven times after attracting bids worth $14.5 billion, Maait added. 

The high demand led to lowering the yield on the recently-offered Eurobonds by 45 basis points (bps), down from the previously-announced initial price guidance, he remarked. 

The four-, twelve-, and 40-year tranches are issued with values of $500 million, $1 billion, and $500 million, respectively. 

The 40-year bond has the longest bond maturity ever of any Eurobond issued by Egypt, or any other country in the Middle East and North Africa (MENA) region.