Egypt issues Chinese yuan-denominated panda bonds for the first time, getting lower rate than dollar-based debt

• Egypt issued yuan-denominated panda bonds for the first time amid a scramble to pay foreign debts.
• Three-year bonds worth 3.5 billion yuan, or about $479 million, were issued with a 3.5% interest rate.
• The move also marks yet another shift towards de-dollarization.

Egypt has issued Chinese yuan-denominated bonds for the first time amid a scramble by the debt-crippled country pay back its foreign loans.

Three-year bonds worth 3.5 billion yuan, or about $479 million, were issued with a 3.5% interest rate, which Egyptian officials said was lower than dollar-denominated bonds would have carried.