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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 79 675 161 746 000
USD 12 18 000 000 000
EUR 2 2 000 000 000
corporate
USD 15 2 943 057 500

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** 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 14.9 8may2028 - Domestic bonds EGBGR02111F5 14.9% 1 844 185 000  EGP 05/07/2018 05/08/2028
Egypt, 4.75% 16apr2026, EUR - International bonds XS1807306300 4.75% 1 000 000 000  EUR 04/09/2018 04/16/2026
Egypt, 5.625% 16apr2030, EUR - International bonds XS1807305328 5.625% 1 000 000 000  EUR 04/09/2018 04/16/2030
Egypt, Treasury Bond 14.85 10apr2023 - Domestic bonds EGBGR02101F6 14.85% 6 036 717 000  EGP 04/04/2018 04/10/2023
Egypt, Treasury Bond 14.95 20mar2021 - Domestic bonds EGBGR02061F2 14.95% 7 221 437 000  EGP 03/19/2018 03/20/2021
Egypt, Treasury Bond 14.5 20feb2022 - Domestic bonds EGBGR02081F0 14.5% 3 198 200 000  EGP 02/19/2018 02/20/2025
Egypt, 6.588% 21feb2028, USD - International bonds XS1775618439 6.588% 1 250 000 000  USD 02/13/2018 02/21/2028
Egypt, 7.903% 21feb2048, USD - International bonds XS1775617464 7.903% 1 500 000 000  USD 02/13/2018 02/21/2048
Egypt, 5.577% 21feb2023, USD - International bonds XS1775617209 5.577% 1 250 000 000  USD 02/13/2018 02/21/2023
Egypt, Treasury Bond 14.8 30jan2023 - Domestic bonds EGBGR02071F1 14.8% 6 215 400 000  EGP 01/29/2018 01/30/2023

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Egyptian international bonds, USD bln 11.700 8.300 4.200 5.200 5.200 5.200 4.100
BIS net issues of international-bond market of emerging countries
International-bond net issue of Egypt, USD bln 3.300 4.200 1.000   0.000 1.000 -1.300

Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
African International Bonds Markets (adjusted for amortization)
Egypt international bonds, USD bln 20.892 20.892 16.892 16.892 16.892 16.892 16.892
Egypt corporate international bonds, USD bln 2.892 2.892 2.892 2.892 2.892 2.892 2.892
Egypt sovereign international bonds, USD bln 18.000 18.000 14.000 14.000 14.000 14.000 14.000
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Currencies

Daily indices

Type: 05/25/2018 05/24/2018 05/23/2018 05/22/2018 05/21/2018 05/18/2018 05/17/2018
Exchange Rates (Emerging Markets)
USD/EGP 17.9111 17.9178 17.9026 17.9126 17.9011 17.8033 17.8020
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Credit Risk Indicators

Daily indices

Type: 05/25/2018 05/24/2018 05/23/2018 05/22/2018 05/21/2018 05/18/2018 05/17/2018
CDS Egypt (Interactive Data)
CDS 6M Egypt 140.1500 140.1500 151.7100 151.7100 151.7100 151.7100 151.7100
CDS 1Y Egypt 166.4200 166.4200 180.0300 180.0300 180.0300 180.0300 180.0300
CDS 2Y Egypt 201.0100 201.0100 217.3900 217.3900 217.3900 217.3900 217.3900
CDS 3Y Egypt 234.3200 234.3200 253.3000 253.3000 253.3000 253.3000 253.3000
CDS 4Y Egypt 264.0200 264.0200 285.2800 285.2800 285.2800 285.2800 285.2800
CDS 5Y Egypt 291.8200 291.8200 315.1000 315.1000 315.1000 315.1000 315.1000
CDS 7Y Egypt 314.4800 314.4800 338.0700 338.0700 338.0700 338.0700 338.0700
CDS 10Y Egypt 339.4300 339.4300 362.3600 362.3600 362.3600 362.3600 362.3600
CDS 15Y Egypt 354.1800 354.1800 375.3500 375.3500 375.3500 375.3500 375.3500
CDS 20Y Egypt 360.7100 360.7100 380.8700 380.8700 380.8700 380.8700 380.8700
CDS 30Y Egypt 366.0400 366.0400 385.1700 385.1700 385.1700 385.1700 385.1700
Default Probability Egypt (Interactive Data)
6M Default Probability Egypt 1.0800 1.0800 1.1800 1.1800 1.1900 1.2100 1.2100
1Y Default Probability Egypt 2.3900 2.3900 2.5900 2.6000 2.6000 2.6300 2.6300
2Y Default Probability Egypt 5.5100 5.5200 5.9600 5.9700 5.9800 6.0000 6.0100
3Y Default Probability Egypt 9.3900 9.4000 10.1400 10.1500 10.1600 10.1900 10.2000
4Y Default Probability Egypt 13.8000 13.8200 14.8700 14.8800 14.8900 14.9200 14.9300
5Y Default Probability Egypt 18.6600 18.6800 20.0400 20.0600 20.0700 20.1000 20.1200
7Y Default Probability Egypt 26.8200 26.8400 28.5700 28.5900 28.6000 28.6300 28.6500
10Y Default Probability Egypt 38.5200 38.5500 40.5500 40.5700 40.5800 40.6100 40.6300
15Y Default Probability Egypt 53.4600 53.4900 55.4800 55.5000 55.5100 55.5400 55.5600
20Y Default Probability Egypt 64.7300 64.7600 66.5800 66.6000 66.6100 66.6300 66.6600
30Y Default Probability Egypt 79.7000 79.7200 81.0900 81.1100 81.1200 81.1300 81.1500
CDS Emerging markets (sov.) 
CDS 5Y Egypt mid   * * * *   *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Egypt) 13.10 13.30 14.40 17.10 21.90 26.00 30.80
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Egypt) 101.20 92.30 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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