Cairo – Mubasher: Egypt’s Ministry of Finance sold $750 million in five-year green bonds at a yield of 5.250% on Tuesday as the first sovereign offering of green bonds in the MENA region.

The issuance was 7.4 times oversubscribed than the initial target of $500 million and it was oversubscribed five times the accepted bids, the Minister of Finance, Mohamed Maait, said in a statement on Wednesday.

The offering attracted $3.7 billion worth of bids, leading the finance ministry to sell the notes at about 50 basis points lower than the 5.75% yield that was initially marketed.