by Amruth Sundarkumar | Dec 19, 2022 | Sovereign Bonds, Sovereigns
Egypt got approval from the IMF board to receive $3bn in funds under the multilateral lender’s Extended Fund Facility (EFF) 46-month arrangement. Here, Egypt will immediately receive SDR 261.13mn ($347mn), to meet their balance of payments need and provide...
by Amruth Sundarkumar | Oct 28, 2022 | Sovereign Bonds, Sovereigns
Dollar bonds of Egypt jumped as much as 5% as the nation reached a staff-level agreement with the IMF supported by a $3bn loan under the Extended Fund Facility (EFF). Ivanna Vladkova Hollar, IMF’s Mission Chief for Egypt said that the agreement is set enhance...
by Amruth Sundarkumar | Sep 26, 2022 | Sovereign Bonds, Sovereigns
Egypt’s dollar bonds have been trending lower over the past week with some bonds down ~4% on Friday. The move across the curve comes as the North-African economy is currently facing difficult times with inflation at ~15%, having been impacted by the...
by Amruth Sundarkumar | Sep 9, 2022 | Sovereign Bonds, Sovereigns
Egypt’s long tenor dollar bonds have risen 5-6% in the last couple of days. While there has been no specific news attributable to this move, Bloomberg notes that the Egyptian government has supported a more flexible currency to underpin its economy. The nation is in...
by Amruth Sundarkumar | Aug 29, 2022 | Sovereign Bonds, Sovereigns
Credit risk across Egypt’s bonds have risen significantly in recent times with some analysts hinting at increasing default probabilities over time. Bloomberg cites JPMorgan data which showed that the yield premium that investors demanded to buy Egyptian bonds...