Egypt has issued dollar-denominated eurobonds worth $5 billion to provide urgent funding to deal with the coronavirus crisis, the finance ministry announced on Friday, describing it as the biggest international bond issuance in its history.

The ministry said the issuance was in three tranches with maturities of four, 12 and 30 years, and was mainly aimed at providing the necessary liquidity to cover the needs of the upcoming 2020/2021 fiscal year, which begins on 1 July.

The issuance is also part of efforts to provide the needed financing to deal with the repercussions, of the coronavirus, according to a ministry statement.

Finance Minister Mohamed Maait said subscription orders had reached $22 billion before the end of the issuance, with the offering more than four times oversubscribed.

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