Egypt has issued its first Japanese yen-denominated bonds, aka “samurai”, worth 500 million dollars, the Cabinet’s Information and Decision Support Center (IDSC) said on Wednesday6/4/2022.

Egypt is the first country in the Middle East to issue the samurai bonds, the IDSC said in an infographic.

The annual interest rate of those bonds is 0.85 percent over five years, the IDSC made it clear. The samurai bonds are, thus, less expensive than the dollar-dominated bonds, the IDSC noted.

The samurai bonds are provided with a credit guarantee from Japan’s Sumitomo Mitsui Banking Corporation and are covered by its Nippon Life Insurance Company, according to the IDSC infographic.

Source: State Information Service Egypt