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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 125 1 758 023 974 000
USD 12 18 000 000 000
EUR 2 2 000 000 000
corporate
USD 11 3 218 502 500

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.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Egypt, TB 13aug2019 9m - Domestic bonds EGT9980D8J12 0% 4 291 950 000  EGP 11/11/2018 08/13/2019
Egypt, TB 12nov2019 12m - Domestic bonds EGT9980CBJ18 0% 12 369 500 000  EGP 11/08/2018 11/12/2019
Egypt, Treasury Bond 18 6nov2028 - Domestic bonds EGBGR02181F8 18% 500 000 000  EGP 11/05/2018 11/06/2028
Egypt, TB 30jul2019 9m - Domestic bonds EGT9980Y7J19 0% 16 549 925 000  EGP 10/28/2018 07/30/2019
Egypt, TB 29oct2019 12m - Domestic bonds EGT9980TAJ10 0% 20 499 025 000  EGP 10/25/2018 10/29/2019
Egypt, TB 16jul2019 9m - Domestic bonds EGT9980G7J16 0% 18 153 400 000  EGP 10/14/2018 07/16/2019
Egypt, TB 15oct2019 12m - Domestic bonds EGT9980FAJ16 0% 18 750 000 000  EGP 10/11/2018 10/15/2019
Egypt, Treasury Bond 18.35 9oct2023 - Domestic bonds EGBGR02171F9 18.35% 2 814 000 000  EGP 10/08/2018 10/09/2023
Afreximbank, 5.25% 11oct2023, USD - International bonds XS1892247963 5.25% 500 000 000  USD 10/04/2018 10/11/2023
Egypt, TB 2jul2019 9m - Domestic bonds EGT998027J14 0% 18 874 825 000  EGP 09/30/2018 07/02/2019

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Egyptian international bonds, USD bln 13.500 10.700 12.000 12.000 11.700 8.300 4.200
BIS net issues of international-bond market of emerging countries
International-bond net issue of Egypt, USD bln 2.800 -1.300 0.000 1.600 3.300 4.200 1.000

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Africa)
Annual new issues of Egypt sovereign international bonds, USD bln 0.792 0.900 0.000 0.740
Annual new issues of Egypt corporate international bonds, USD bln 0.792 0.900 0.000 0.740
Annual new issues of Egypt corporate international bonds, (financial sector) USD bln 0.792 0.900 0.000 0.740
Annual new issues of Egypt corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Volume of African International Bonds Markets
Egypt international bonds, USD bln 23.156 22.713 22.711 22.731 22.725 23.229 23.307
Egypt corporate international bonds, USD bln 2.892 2.392 2.392 2.392 2.392 2.892 2.892
Egypt sovereign international bonds, USD bln 20.265 20.322 20.320 20.339 20.333 20.337 20.415
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Currencies

Daily indices

Type: 11/16/2018 11/15/2018 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018
Exchange Rates (Emerging Markets)
USD/EGP 17.9039 17.9050 17.9123 17.9048 17.9024 17.8407 17.9105
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Credit Risk Indicators

Daily indices

Type: 11/15/2018 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018 11/07/2018
CDS Egypt (Interactive Data)
CDS 6M Egypt 181.0600 181.0600 181.0600 182.6000 182.6000 181.7700 181.7700
CDS 1Y Egypt 212.0900 212.0900 212.0900 213.8800 213.8800 212.9700 212.9700
CDS 2Y Egypt 247.4800 247.4800 247.4800 249.5900 249.5900 248.6400 248.6400
CDS 3Y Egypt 294.6400 294.6400 294.6400 297.1600 297.1600 296.0600 296.0600
CDS 4Y Egypt 324.1200 324.1200 324.1200 326.8600 326.8600 325.8500 325.8500
CDS 5Y Egypt 350.3400 350.3400 350.3400 353.2900 353.2900 352.2500 352.2500
CDS 7Y Egypt 377.4400 377.4400 377.4400 380.4600 380.4600 379.4300 379.4300
CDS 10Y Egypt 399.0900 399.0900 399.0900 402.0300 402.0300 401.0400 401.0400
CDS 15Y Egypt 415.2700 415.2700 415.2700 418.0200 418.0200 417.0800 417.0800
CDS 20Y Egypt 422.6600 422.6600 422.6600 425.2900 425.2900 424.3900 424.3900
CDS 30Y Egypt 428.6900 428.6900 428.6900 431.2200 431.2200 430.3400 430.3400
Default Probability Egypt (Interactive Data)
6M Default Probability Egypt 1.4400 1.4500 1.4600 1.4800 1.5000 1.5000 1.5000
1Y Default Probability Egypt 3.1000 3.1100 3.1200 3.1500 3.1700 3.1700 3.1800
2Y Default Probability Egypt 6.8200 6.8300 6.8400 6.9000 6.9300 6.9100 6.9200
3Y Default Probability Egypt 11.7900 11.8000 11.8100 11.9200 11.9500 11.9200 11.9300
4Y Default Probability Egypt 16.8000 16.8100 16.8200 16.9600 17.0000 16.9600 16.9700
5Y Default Probability Egypt 22.0700 22.0800 22.0900 22.2800 22.3100 22.2700 22.2800
7Y Default Probability Egypt 31.4300 31.4400 31.4600 31.6900 31.7200 31.6700 31.6800
10Y Default Probability Egypt 43.6100 43.6300 43.6400 43.9000 43.9400 43.8800 43.8900
15Y Default Probability Egypt 59.3700 59.3800 59.3900 59.6500 59.6700 59.6200 59.6300
20Y Default Probability Egypt 70.7700 70.7700 70.7800 71.0100 71.0300 70.9900 70.9900
30Y Default Probability Egypt 84.8900 84.8900 84.9000 85.0600 85.0700 85.0500 85.0500
CDS Emerging markets (sov.) 
CDS 5Y Egypt mid * * * *   * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Egypt) 17.70 16.00 14.20 13.50 14.40 11.50 13.10
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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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