Egypt considers bond sale delay as it eyes market conditions

Egypt may delay a planned sale of 1.5 billion in euro-denominated bonds to early 2018, as the government pushes ahead with a sweeping reform program that has boosted foreign inflows but sent prices soaring in the nation of 95 million.

“We are studying market conditions to see if we are going to be able to sell bonds before the holiday season in December,” Finance Minister Amr El-Garhy said Tuesday in Cairo, adding that the government plans to begin the new bond program with U.S. dollar-denominated debt before moving onto euro-denominated bonds. “My guess is that the sale will happen in January, February -- starting with the USD bonds then the EURO ones.”