While the country has been going through an austere IMF programme, Khaled Abdel Rahman was able to rebuild its reputation in capital markets and ensure its continued access to funds.
Not content with accessing typical tenors and formats, Rahman takes an active approach in preparing investors for new formats and maturities. Rahman is planning to issue a debut bond in an Asian currency, and to sell both green and blue bonds, financing renewable energy and water purification projects in a move he hopes will help diversify Egypt’s sources of funds.
Egypt has come to the international market only twice this year, but the debt management office made both visits count.
The sovereign raised $4bn across three tranches in February, impressing on-looking bankers with the scale of its ambition. Borrowing money at 30 years, particularly in dollars, is never a simple task, but Egypt managed to get investors to put up $1.5bn.
Egypt didn’t stay away for long, returning to the market for two tranches of euro funding — only its second deal ever in the currency. It managed to raise €2bn — €750m at six years and €1.25bn at 12 years.
With rates plunging deeper and deeper, Egypt has done well to access the market and secure the best available cost of funds.
Khaled Abdel Rahman and the Egyptian public debt management office have drawn praise for their vision and sense of timing, bringing large deals to the market at the ideal time to achieve a good cost of funds.