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...
by Amruth Sundarkumar | Mar 1, 2023 | Sovereign Bonds, Sovereigns
Egypt’s dollar bonds fell by over 3% across the curve. Bloomberg reports that the cost of insuring Egypt’s debt against default using CDS rose from 879bp to 1,052bp, the highest this year. Egypt’s dollar bonds had been steadily declining over the course of...
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...
