Egypt issues bonds worth USD 1.25bn.

Egyptian Ministry of Finance and Government of Egypt raised USD 1.25bn by issuing of 10-year maturity notes and carry an interest rate of 4.45% in the international capital market. The notes have been assigned a rating of AAA and Aaa by S&P and Moody's respectively. S&P in its rating report said that the rating reflects US government’s credit guarantee (USAID) for payment of 100% of principal and interest.