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Financial Times: Egypt rides resurgent wave for emerging market borrowing

Cairo’s ability to sell a 30-year bond shows investors willing to take a long-term bet.
01.02.17 | Interesting article at Financial Times

For Amr El-Garhy, Egypt’s minister of finance, winning over international bond investors meant convincing them that last year’s sharp currency devaluation marked a turning point for the country’s economy.

The former investment banker led a lengthy roadshow for a $4bn sale, which took him to Dubai, New York, Los Angeles, Boston and London, to pitch Egypt as a viable addition to investor portfolios.

By the time bankers closed their books on the deal last week, more than 790 bondholder accounts had placed orders of some $13.5bn. The figure suggests that Mr El-Garhy successfully sold the story of a country willing to enact long-resisted reforms and heal an economy that has struggled to attract international money since the 2011 Arab Spring uprising.