Egypt's Finance Minister Hany Kadry Dimian talks to the media during the Euromoney Conference in Cairo, Egypt September 7, 2015. REUTERS/Mohamed Abd El Ghany
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There are plenty of reasons to expect Egypt's second bond sale since the 2011 Arab Spring uprising is going to be a tougher sell than the first one just three months ago.That probably means incurring a bigger premium than the 369 basis points above Treasurys that Egypt paid to raise $1.5 billion in June. The yield on those bonds has risen 12 basis points since the debt was sold even as the rate on equivalent U.S. debt slid and a gas discovery by Eni SpA in Egyptian waters cut 30 basis points from borrowing costs last week. Egypt has $1.25 billion of U.S.-backed bonds maturing Sept. 15, and a $1 billion loan from Qatar due next month.Egypt raised $1.5 billion of 10-year Eurobonds in June at a yield to investors of 6 percent.
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