A man counts Egyptian pounds at currency exchange shop in downtown Cairo on November 3, 2016. AFP / KHALED DESOUKI
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Investors are rushing back to structured notes tied to Egypt following a currency float and an International Monetary Fund loan last quarter, six years after a revolution that had scared them off. Citigroup Inc. issued all four of the recorded credit-linked notes this month raising a total of 2.3 billion Egyptian pounds ($121 million), the most for a single month on record, according to data compiled by Bloomberg. The deals come just as Egypt's government raised $4 billion in international debt markets Tuesday, its first such issuance since it floated its currency in November. The offering was oversubscribed, Finance Minister Amr al-Garhy said on Bloomberg TV, as fund managers competed to invest in Africa's third-largest economy amid growing confidence spurred by the $12 billion IMF loan. Egypt's 12-month local-currency Treasury bills yield about 20 percent.
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