Egypt offers euro-denominated bonds on London stock exchange

Egypt aims to raise 2 billion euros ($2.2 billion) in six-year and 12-year euro-denominated bonds in a sale starting on Thursday, according to a document by one of the banks leading the deal.

The auction on the London Stock Exchange will be settled on April 11.

The country is aiming to raise 750 million euros in six-year papers and 1.25 billion euro in 12-year notes, which offer yields of 4.75 percent and 6.375 percent, respectively.

The debt sale has attracted orders totalling more than 8.6 billion euros, the document said.

The bonds will mature on April 11, 2025, and April 11 2031. Banca IMI, BNP Paribas, Natixis and Standard Chartered Bank are the bookrunners, according to the document.

Egypt has struggled to recover from years of turmoil after a 2011 uprising and has borrowed heavily from abroad since signing an International Monetary Fund loan deal in 2016.