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Egypt’s outlook was revised to positive by S&P and its long-term ratings were affirmed at B-. The outlook revision comes after significant steps taken by the government to address its macroeconomic imbalances, along with a large inflow of foreign funding. Last month, Egypt struck an investment deal with the UAE for $35bn and earlier this month, it secured a deal with the IMF for $8bn and with the World Bank for $3bn. Yesterday, it was reported that the EU had also pledged €7.4bn ($8.1bn) aid package for the nation. S&P expects the flexible exchange rate policy adopted by Egypt to help drive GDP growth and support its government’s fiscal consolidation plan.
Its dollar bonds were trading slightly positive with the 5.25% 2025s at 83.6 cents on the dollar, yielding 10.67%.
Egypt’s 5.25% bond due 2025 has recently been added on BondbloX and is available for trading in sizes of $1,000.
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