by Amruth Sundarkumar | May 17, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of Egypt rallied on news of regulations aimed at cutting through red-tape and speeding up the regulatory process for investments in the nation. The new rules include setting a time limit of 10 working days for securing necessary approvals and needing only...
by Amruth Sundarkumar | May 8, 2023 | Credit Ratings, Sovereign Bonds
Egypt was downgraded to B from B+ by Fitch with a negative outlook. Fitch attributes the rating action to multiple factors. It cites increased external financing risk given high external financing requirements and constrained external financing conditions. They also...
by Amruth Sundarkumar | Apr 21, 2023 | Financial News
Egypt’s dollar bonds were down over 1.2 points yesterday as they continue to trend lower since the start of the year. Egypt’s dollar bonds have been under pressure primarily due to its weakening currency, high inflation and steadily declining reserves. The...
by Amruth Sundarkumar | Apr 12, 2023 | Sovereign Bonds, Sovereigns
Egypt’s dollar bonds fell by over 2 points across the curve after the nation’s inflation came at 32.7% in March, its the fastest pace since 2017. While the pick-up in inflation was in part due to base effects, the recent drop in Egyptian pound is also said...
by Amruth Sundarkumar | Mar 24, 2023 | Sovereign Bonds, Sovereigns
Egypt and the World Bank have entered into a new $7bn partnership for 2023-2027 after the latter said it had approved the agreement. The focus is to boost private sector jobs, provide better health and education services, and adapt to climate change. Egypt has been...
