Egypt: bonds

The fixed income market in Egypt is not very diversified in terms of issuers and investors. The Egyptian main market is the EGX (government-owned). It is the only registered securities exchange in Egypt and operates a multi-location platform with floors in Cairo and Alexandria. Alongside its large equity market, the EGX operates a primary and secondary bond market, although activity on the latter is limited. By the end of December 2011, there were 19 listed housing bonds and 41 treasury bonds on the exchange. The fixed income market in Egypt is dominated by government issuance. The Ministry of Finance publishes indicative daily bond yields using four different maturity bonds: 2011, 2013, 2015 and 2018. The longest available maturity is 2025. Treasury bills are auctioned on a weekly basis. The Government of Egypt also issues development bonds and housing bonds. These instruments raise financing capital for specific projects On the corporate side, the unfavourable market conditions resulted in no listings or de-listings in 2011, leaving making for five fixed rate and one floating rate corporate listings on the exchange. However, there were two listings of securitised bonds in 2011, bringing the category total to 10 by the end of the year. The number of corporate issues available in Egypt is small and fairly short-dated. The corporate bond market has issues with maturity up to eight years.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
EGP 86 676 820 237 000
USD 9 11 000 000 000
corporate
USD 23 2 161 765 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Egypt, Treasury Bond 17.18 9may2027 - Domestic bonds EGBGR01981F2 17.18% 300 000 000  EGP 05/08/2017 05/09/2027
Egypt, 6.125% 31jan2022, USD - International bonds XS1558077845 6.125% 1 750 000 000  USD 01/24/2017 01/31/2022
Egypt, 8.5% 31jan2047, USD - International bonds XS1558078496 8.5% 1 250 000 000  USD 01/24/2017 01/31/2047
Egypt, 7.5% 31jan2027, USD - International bonds XS1558078736 7.5% 1 000 000 000  USD 01/24/2017 01/31/2027
Egypt, 4.622% 10dec2017, USD - International bonds XS1504948347 4.622% 1 360 000 000  USD 11/08/2016 12/10/2017
Egypt, 7% 10nov2028, USD - International bonds XS1504948776 7% 1 320 000 000  USD 11/08/2016 11/10/2028
Egypt, 6.75% 10nov2024, USD - International bonds XS1504948693 6.75% 1 320 000 000  USD 11/08/2016 11/10/2024
Egypt, Treasury Bond 0 3apr2018 - Domestic bonds EGBGR01901F0 0% 203 635 000  EGP 10/03/2016 04/03/2018
Afreximbank, 4% 24may2021, USD - International bonds XS1418627821 4% 900 000 000  USD 09/21/2016 05/24/2021
Egypt, Treasury Bond 0 6mar2018 - Domestic bonds EGBGR01791F5 0% 500 000 000  EGP 09/05/2016 03/06/2018

World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Egyptian international bonds, USD bln 8.300 4.200 5.200 5.200 5.200 4.100 5.400
BIS net issues of international-bond market of emerging countries
International-bond net issue of Egypt, USD bln 4.200 1.000   0.000 1.000 -1.300 1.600

Currencies

Daily indices

Type: 05/22/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017
Exchange Rates (Emerging Markets)
USD/EGP 18.0554 18.0531 18.1107 18.0943 18.1282 18.1137 18.0565
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Credit Risk Indicators

Daily indices

Type: 05/22/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017
CDS Interactive Data 
CDS 6M Egypt   * * * * * *
CDS 1Y Egypt   * * * * * *
CDS 2Y Egypt   * * * * * *
CDS 3Y Egypt   * * * * * *
CDS 4Y Egypt   * * * * * *
CDS 5Y Egypt   * * * * * *
CDS 7Y Egypt   * * * * * *
CDS 10Y Egypt   * * * * * *
CDS 15Y Egypt   * * * * * *
CDS 20Y Egypt   * * * * * *
CDS 30Y Egypt   * * * * * *
CDS Emerging markets (sov.) 
CDS 5Y Egypt mid *   * *   *  
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Egypt) 31.50 30.90 30.20 28.10
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Egypt) 85.00 90.50

JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Egypt * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Egypt, 5.750% 29apr2020, USD   USD 04/29/2020 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
Egypt, 5.875% 11jun2025, USD   USD 06/11/2025 05/18/2016 **.** *.** 05/18/2016 **.*** *.**
Egypt, 6.875% 30apr2040, USD   USD 04/30/2040 05/18/2016 ** *.** 05/18/2016 **.* *.**
Afreximbank, 3.88% 4jun2018, USD   USD 06/04/2018 05/18/2016 ***.** *.** 05/18/2016 *** *.**
Afreximbank, 4.75% 29jul2019, USD   USD 07/29/2019 05/18/2016 ***.** *.* 05/18/2016 ***.** *.*
Afreximbank, 5.750% 27jul2016, USD   USD 07/27/2016 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
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