This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Egypt’s dollar bonds rallied by over 2 points across the curve after reports by Al-Borsa that the nation’s central bank was close to securing up to $5bn in new deposits from Saudi Arabia and the UAE. Once successful, the deposits would be later converted into investments, as per sources, who added that a preliminary agreement was reached to rollover existing deposits from both countries. These deposits are said to be maturing in 2024. Receiving this funding would be a big boost to Egypt which is trying to increase its forex reserves amid a falling currency and a delayed $3bn IMF loan program. The sources also said that debt swap agreements are to be expected in the near-term, akin to that reached with China recently for developmental projects. Egypt owes about $8bn in debt to China.