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 | 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...
by Amruth Sundarkumar | Aug 12, 2022 | Sovereign Bonds, Sovereigns
Egypt is said to be in private talks with regional and international banks such as First Abu Dhabi Bank and Abu Dhabi Commercial Bank to borrow $2.5bn of foreign currency. This is to curb its widening current account deficit, which was largely due to diminishing...
by Amruth Sundarkumar | Jun 7, 2022 | Sovereign Bonds, Sovereigns
Egypt’s foreign exchange reserves fell by $2bn in May to $35.5bn after it paid back external debt, i.e., a coupon on its sovereign Eurobonds and a principal and interest payment on debt owed to the IMF. Egypt said that the remaining holdings are “within all...
by Amruth Sundarkumar | Feb 24, 2022 | Sovereign Bonds
Egypt has planned its debut sale of a sovereign sukuk to the tune of around $2bn, according to sources. It has hired banks like HSBC, Citigroup, Abu Dhabi Islamic Bank, Credit Agricole, Emirates NBD and First Abu Dhabi Bank to manage the sale. Sources note that the...
