Egypt seeks new debt investors with euroclear, asian foray

Egypt is in talks with Belgium-based Euroclear to settle its domestic debt transactions and will embark on a non-deal bond roadshow through Asia this year, part of a drive to attract more overseas investors and reduce borrowing costs.

“We are in continuous talks with Euroclear and we are trying to finalize this issue as soon as possible,” Finance Minister Mohamed Maait said in an interview. “This step is very useful for the country; it is expected to attract more international investors to the Egyptian debt market.”

Euroclear settles transactions in international and domestic securities in dozens of countries. Enlisting its services would make it easier for foreigners, who currently have to go through a local bank, to invest in Egyptian pound-denominated debt.