(Bloomberg) — 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, according to a person familiar with the matter who asked not to be identified because they aren’t authorized to speak publicly.
The bond forms part of Egypt’s strategy to lock-in new financing sources and broaden the country’s investor base, steps that could in turn help lower its borrowing costs. It is touting a $1.9 billion portfolio of potential green projects, including clean transportation, renewable energy and sustainable water management.
Egypt joins a growing green bond wave with Tuesday’s sale, as global