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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 124 1 791 641 549 000
USD 13 19 210 000 000
EUR 2 2 000 000 000
corporate
USD 10 3 217 502 500

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 22oct2019 9m - Domestic bonds EGT9980MAJ17 0% 12 096 525 000  EGP 01/20/2019 10/22/2019
Egypt, TB 21jan2020 12m - Domestic bonds EGT9980L1K19 0% 18 913 575 000  EGP 01/17/2019 01/21/2020
Egypt, TB 7jan2020 12m - Domestic bonds EGT998071K16 0% 25 157 075 000  EGP 01/06/2019 01/07/2020
Egypt, TB 8oct2019 9m - Domestic bonds EGT99808AJ17 0% 23 754 900 000  EGP 01/06/2019 10/08/2019
Egypt, TB 24sep2019 9m - Domestic bonds EGT9980O9J18 0% 7 463 800 000  EGP 12/23/2018 09/24/2019
Egypt, TB 24dec2019 12m - Domestic bonds EGT9980OCJ13 0% 39 929 075 000  EGP 12/20/2018 12/24/2019
Egypt, Treasury Bond 18.15 11dec2021 - Domestic bonds EGBGR02161F0 18.15% 1 765 157 000  EGP 12/10/2018 12/11/2021
Egypt, TB 10sep2019 9m - Domestic bonds EGT9980A9J17 0% 7 087 250 000  EGP 12/09/2018 09/10/2019
Egypt, TB 10dec2019 12m - Domestic bonds EGT9980ACJ19 0% 29 176 550 000  EGP 12/06/2018 12/10/2019
Egypt, TB 27aug2019 9m - Domestic bonds EGT9980R8J12 0% 13 248 700 000  EGP 11/25/2018 08/27/2019

World Bond market statistics

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS volume of international-bond market of emerging countries
[10283] Egyptian international bonds, USD bln 18.300 18.300 13.500 10.700 12.000 12.000 11.700
BIS net issues of international-bond market of emerging countries
[10421] International-bond net issue of Egypt, USD bln 0.100 4.900 2.800 -1.300 0.000 1.600 3.300

New issues of Emerging markets International Bonds

Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Africa)
[19809] Annual new issues of Egypt sovereign international bonds, USD bln 0.500 0.792 0.900 0.000 0.740
[19855] Annual new issues of Egypt corporate international bonds, USD bln 0.500 0.792 0.900 0.000 0.740
[19901] Annual new issues of Egypt corporate international bonds, (financial sector) USD bln 0.500 0.792 0.900 0.000 0.740
[19947] Annual new issues of Egypt corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Volume of African International Bonds Markets
[21775] Egypt international bonds, USD bln 24.390 25.724 23.156 22.713 22.711 22.731 22.725
[21821] Egypt corporate international bonds, USD bln 2.892 2.892 2.892 2.392 2.392 2.392 2.392
[21867] Egypt sovereign international bonds, USD bln 21.499 22.832 20.265 20.322 20.320 20.339 20.333
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Currencies

Daily indices

Type: 01/22/2019 01/21/2019 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019
Exchange Rates (Emerging Markets)
[3647] USD/EGP 17.9091 17.9247 17.8919 17.8887 17.9262 17.9137 17.9098
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Credit Risk Indicators

Daily indices

Type: 01/22/2019 01/21/2019 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019
CDS Egypt (Interactive Data)
[13593] CDS 6M Egypt 248.0600 248.0600 248.0600 248.0600 241.6000 245.0900 251.4400
[13655] CDS 1Y Egypt 291.6700 291.6700 291.6700 291.6700 284.0000 287.9700 295.2500
[13717] CDS 2Y Egypt 335.2500 335.2500 335.2500 335.2500 326.5400 331.1200 339.4300
[13779] CDS 3Y Egypt 363.7800 363.7800 363.7800 363.7800 354.3800 359.3800 368.3700
[13841] CDS 4Y Egypt 384.6500 384.6500 384.6500 384.6500 374.7900 380.0800 389.5600
[13903] CDS 5Y Egypt 407.6400 407.6400 407.6400 407.6400 397.3100 402.9200 412.8700
[13965] CDS 7Y Egypt 429.2000 429.2000 429.2000 429.2000 418.9500 424.5800 434.4800
[14027] CDS 10Y Egypt 445.4600 445.4600 445.4600 445.4600 435.6900 441.0800 450.5300
[14089] CDS 15Y Egypt 456.4100 456.4100 456.4100 456.4100 447.4100 452.3900 461.1200
[14151] CDS 20Y Egypt 461.2500 461.2500 461.2500 461.2500 452.6600 457.4200 465.7600
[14213] CDS 30Y Egypt 465.0100 465.0100 465.0100 465.0100 456.8100 461.3500 469.3300
Default Probability Egypt (Interactive Data)
[20335] 6M Default Probability Egypt 1.3600 1.3700 1.4000 1.4100 1.3800 1.4100 1.4500
[20397] 1Y Default Probability Egypt 3.5300 3.5400 3.5700 3.5800 3.5000 3.5600 3.6600
[20459] 2Y Default Probability Egypt 8.3400 8.3500 8.3900 8.4000 8.2000 8.3200 8.5400
[20521] 3Y Default Probability Egypt 13.4600 13.4700 13.5100 13.5200 13.2000 13.3900 13.7100
[20583] 4Y Default Probability Egypt 18.6300 18.6500 18.6800 18.6900 18.2700 18.5100 18.9500
[20645] 5Y Default Probability Egypt 24.1500 24.1600 24.2000 24.2100 23.6800 23.9800 24.5200
[20707] 7Y Default Probability Egypt 33.7800 33.8000 33.8400 33.8400 33.1900 33.5600 34.2100
[20769] 10Y Default Probability Egypt 46.0700 46.0900 46.1200 46.1200 45.4000 45.8100 46.5200
[20831] 15Y Default Probability Egypt 61.5900 61.6100 61.6300 61.6300 60.9500 61.3400 62.0000
[20893] 20Y Default Probability Egypt 72.6500 72.6600 72.6800 72.6800 72.0900 72.4200 72.9900
[20955] 30Y Default Probability Egypt 86.1000 86.1200 86.1300 86.1200 85.7200 85.9500 86.3300
CDS Emerging markets (sov.) 
[11857] 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
[15565] 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), %
[15217] 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) 
[3073] 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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