Egypt To Tap Bond Market

Cash-strapped Egypt is planning to tap the Eurobond market in April with a $1.5bn issue to help plug a 2014-15 budget deficit of around E£240bn ($33bn), or 10 % of GDP. Finance Minister Hany Dimian says the issue will test the market for future borrowing, given that Egypt has been absent from the debt market since the January 2011 overthrow of Husni Mubarak.

The dollar-denominated issue will likely be split into two tranches – one for 10 years...