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Bond Market News
Egypt Raises $1bn via Sukuk Sale to Kuwait Finance House
June 26, 2025
Egypt raised $1bn via 3Y Sukuk with an annual yield of 7.875% from Kuwait Finance House, Kuwait’s largest bank. Kuwait also has $4bn in deposits at Egypt’s central bank and plans to convert some into local investment as per Bloomberg. Egypt has been one of the most indebted economies in emerging markets, spending half of its revenue on interest payments and is the second largest borrower from the International Monetary Fund (IMF) after Argentina, as per Bloomberg. The latest bond issuance complements Egypt’s wider economic reforms, including a $35bn development deal with UAE and a 40% devaluation of the Egyptian pound to address a persistent FX shortage. Egypt was upgraded to B by Fitch in November last year. Middle East’s most populous nation had earlier raised $2bn via dollar bonds in January earlier this year.
Egypt’s 7.6% 2029s are up by 0.2 points to 100.15, yielding 7.55%.
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