Egypt prices $1.5bn dual‑tranche sukuk after $9bn of orders, at yields below on‑run eurobonds

On Oct. 1, 2025 Egypt priced a $1.5 billion dual‑tranche sukuk — $700m due 2029 at 6.375% and $800m due 2032 at 7.95% — after order books topped $9 billion. The weighted average cost was 7.2%, below contemporaneous five‑year eurobond yields, creating a new primary benchmark for mid‑curve Egypt USD debt.

By printing sizeable 2029/2032 sukuk tranches at yields beneath on‑run eurobonds, Egypt establishes fresh, liquid primary references in the 3–7 year part of its USD curve. That should mechanically compress mid‑curve secondary spreads if investors reprice existing bonds to the new sukuk levels, and it raises the funding bar for regional sovereign peers seeking similar tenors in dollars.

Monitor secondary trading and yield convergence for Egypt 2029–2032 securities and LSE International Securities Market liquidity over the next week.