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Egypt’s dollar bonds were lower by 2% across the curve on Friday as negative market sentiment continues to weigh on the nation. Last week, the nation was said to be planning to join the BRICS group of nations, stepping away from the US dollar and casting doubts on its ability to replenish forex reserves to repay offshore debts. The move lower in its bonds comes days after its privatization initiatives saw its dollar bonds rally. Most recently, the International Finance Corporation (IFC) said that it would act as the strategic advisor for Egypt’s plans to boost the role of the private sector in the economy. This would include structuring and preparing assets for sale.
Egypt’s 7.5% 2033s were down 1.7 points to 56.9, currently yielding 16%.