ArabFinance: The Egyptian government has completed the issuance of JPY 60 billion yen-dominated Samurai bonds, equivalent to $500 million, according to an emailed press release on March 24^th.

Egypt is the first country in the Middle East to issue yen-dominated bonds in Japanese markets.

The recent issuance will mature in five years at a yield of 0.85%. The deal is guaranteed by Japan’s Sumitomo Mitsui Banking Corporation Group and covered by The Nippon Export and Investment Insurance.

Egyptian finance minister Mohamed Maait said that the issuance of Egypt’s first yen-dominated bonds is evident of its ability to return to global debt markets despite unprecedented economic challenges.

The issuance attracted many Japanese investors which reflects their confidence in the Egyptian market, Maait added.