Finance
The Middle East’s First Sovereign Green Bond Sees Strong Demand
- Investors bid for over $3.7 billion of Egypt’s green debt
- Nation priced $750 million five-year notes at 5.25% on Tuesday
A tree grows by the Nile river in the village of Shallal, Egypt.
Photographer: Khaled Desouki/AFP via Getty Images
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Egypt pulled in orders for nearly five times the $750 million size of the Middle East and North Africa’s first sovereign green bond, as it pushes ahead with anti-pollution and renewable energy projects.
The Arab world’s most populous nation sold the five-year notes at a yield of 5.25%, well inside an opening target of about 5.75%, after amassing more than $3.7 billion of investor orders. The sale “put Egypt on the map of sustainable financing,” the Finance Ministry said.