Chicago, Nov. 14 – The Arab Republic of Egypt placed ¥75 billion of 1½% five-year Samurai bonds, according to multiple press releases.
The low pricing was made possible by a guarantee provided by Sumitomo Mitsui Banking Corp. and a full re-guarantee provided by Africa Finance Corp.
The republic was able to leverage the guarantor’s A3 investment-grade rating to access the international capital markets.
SMBC Nikko was the sole lead arranger.
This is Egypt’s second Samurai bond, with the first ¥60 billion five-year bond issued in March 2022.
Proceeds will be used to finance the electricity supply infrastructure under the government of Egypt’s largest agricultural projects being constructed on more than one million acres of land on the northwest coast of Egypt and is expected to contribute to Egypt’s food security and increase agricultural output by 15%.
| Issuer: | Egypt
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| Guarantors: | Sumitomo Mitsui Banking Corp. and Africa Finance Corp.
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| Amount: | ¥75 billion
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| Issue: | Bonds
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| Tenor: | Five years
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| Arranger: | SMBC Nikko
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| Coupon: | 1½%
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| Announcement date: | Nov. 9
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