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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 1 848 394 373 600
USD 16 23 210 000 000
EUR 4 4 000 000 000
corporate
USD 7 3 366 500 000

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
Afreximbank, 3.944% 21sep2029, USD - International bonds XS2053566068 3.944% 750 000 000  USD 09/17/2019 09/21/2029
Egypt, TB 16jun2020 9m - Domestic bonds EGT9980G6K14 0% 12 783 950 000  EGP 09/15/2019 06/16/2020
Egypt, TB 15sep2020 12m - Domestic bonds EGT9980F9K13 0% 12 053 250 000  EGP 09/12/2019 09/15/2020
Egypt, Treasury Bond 14.35 10sep2024 - Domestic bonds EGBGR02331F9 14.35% 5 338 000 000  EGP 09/09/2019 09/10/2024
Egypt, Treasury Bond 14.4 10sep2029 - Domestic bonds EGBGR02341F8 14.4% 4 500 750 000  EGP 09/09/2019 09/10/2029
Egypt, Treasury Bond 14.3 3sep2022 - Domestic bonds EGBGR02281F6 14.3% 7 785 000 000  EGP 09/02/2019 09/03/2022
Egypt, TB 2jun2020 9m - Domestic bonds EGT998026K12 0% 13 539 650 000  EGP 09/01/2019 06/02/2020
Egypt, TB 1sep2020 12m - Domestic bonds EGT998019K11 0% 22 785 950 000  EGP 08/29/2019 09/01/2020
Egypt, TB 19may2020 9m - Domestic bonds EGT9980J5K19 0% 22 284 825 000  EGP 08/18/2019 05/19/2020
Egypt, TB 18aug2020 12m - Domestic bonds EGT9980I8K18 0% 19 693 725 000  EGP 08/15/2019 08/18/2020

Свалка

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 Egypt 516 517 524 525 523 526 525
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Forex

Daily indices

Type: 09/23/2019 09/20/2019 09/19/2019 09/18/2019 09/17/2019 09/16/2019 09/13/2019
FOREX rates
[3647] USD/EGP 16.3074 16.3095 16.3133 16.3486 16.3310 16.3390 16.4154
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GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Africa)
[15217] Government Debt to GDP(Egypt) 90.50 101.20 92.30 85.00 90.50

Credit Default Swaps (CDS)

Daily indices

Type: 09/23/2019 09/20/2019 09/19/2019 09/18/2019 09/17/2019 09/16/2019 09/13/2019
CDS Egypt
[13593] CDS 6M Egypt 144.1500 151.0000 117.8600 117.9000 117.6300 119.1300 119.7500
[13655] CDS 1Y Egypt 166.4700 174.4500 151.7800 151.7100 151.2400 153.0500 153.4800
[13717] CDS 2Y Egypt 193.7700 203.1600 185.3800 185.3300 184.8000 187.0500 187.7100
[13779] CDS 3Y Egypt 218.2600 228.8800 216.0100 215.9900 215.3900 218.0000 218.8600
[13841] CDS 4Y Egypt 241.8800 253.6300 240.1100 240.1000 239.4400 242.3400 243.3700
[13903] CDS 5Y Egypt 267.7800 280.7100 266.3500 266.3600 265.6300 268.8200 270.0500
[13965] CDS 7Y Egypt 304.5500 318.1700 314.8500 314.8700 314.0400 317.4300 318.9200
[14027] CDS 10Y Egypt 324.3000 337.4300 335.9300 335.9400 335.1500 338.3800 339.9100
[14089] CDS 15Y Egypt 343.0300 355.0500 354.9300 354.9200 354.1600 357.0700 358.5800
[14151] CDS 20Y Egypt 353.0700 364.3900 364.8000 364.7700 364.0300 366.7300 368.2500
[14213] CDS 30Y Egypt 362.2500 372.7800 373.8200 373.7600 373.0300 375.4800 377.0300
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Historical yields

Daily indices

Type: 09/23/2019 09/20/2019 09/19/2019 09/18/2019 09/17/2019 09/16/2019 09/13/2019
10Y Government Bond Yields, Africa
[24229] Egypt 10Y YTM 13.850 14.010 14.010 14.010 13.900 14.300 14.500
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Macroeconomic indicators (dump)

Daily indices

Type: 06/25/2019 06/24/2019 06/20/2019 06/19/2019 06/18/2019 06/17/2019 06/13/2019
Macroeconomic indicators (trash)
[11857] CDS 5Y Egypt mid 313 310 305 315 330 325 315
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International bonds outstanding volume

Monthly indices

Type: Aug 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Africa international bonds outstanding volume
[21775] Egypt international bonds, USD bln 29.943 30.793 30.569 30.588 28.345 28.377 24.390
[21821] Egypt corporate international bonds, USD bln 2.337 3.037 2.892 2.892 2.892 2.892 2.892
[21867] Egypt sovereign international bonds, USD bln 27.606 27.757 27.678 27.697 25.453 25.486 21.498
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Inflation

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Nov 2018 Oct 2018
Inflation (Africa)
[15565] Inflation Rate (Egypt) 7.50 8.70 9.40 14.10 13.00 15.66 17.70
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Default probability (based on CDS)

Daily indices

Type: 09/23/2019 09/20/2019 09/19/2019 09/18/2019 09/17/2019 09/16/2019 09/13/2019
Default Probability Egypt (Interactive Data)
[20335] 6M Default Probability Egypt 1.4300 1.5200 0.4000 0.4000 0.4100 0.4200 0.4300
[20397] 1Y Default Probability Egypt 2.7600 2.9100 1.5300 1.5400 1.5400 1.5600 1.5800
[20459] 2Y Default Probability Egypt 5.7200 6.0200 4.3000 4.3100 4.3000 4.3600 4.4000
[20521] 3Y Default Probability Egypt 9.1900 9.6400 7.7700 7.7800 7.7600 7.8600 7.9100
[20583] 4Y Default Probability Egypt 13.1100 13.7400 11.5800 11.5900 11.5700 11.7100 11.7800
[20645] 5Y Default Probability Egypt 17.6300 18.4400 16.0000 16.0100 15.9800 16.1600 16.2600
[20707] 7Y Default Probability Egypt 26.5700 27.6300 25.7600 25.7700 25.7300 25.9800 26.1300
[20769] 10Y Default Probability Egypt 37.3400 38.5500 36.9400 36.9500 36.8900 37.1900 37.3600
[20831] 15Y Default Probability Egypt 52.4500 53.6600 52.4600 52.4600 52.4000 52.7000 52.8900
[20893] 20Y Default Probability Egypt 64.1600 65.2600 64.3800 64.3800 64.3200 64.5900 64.7900
[20955] 30Y Default Probability Egypt 79.7300 80.5300 80.1200 80.1200 80.0800 80.2700 80.4500
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Africa new international bonds volume
[19809] Annual new issues of Egypt sovereign international bonds, USD bln 0.645 0.792 0.900 0.000 0.740
[19855] Annual new issues of Egypt corporate international bonds, USD bln 0.645 0.792 0.900 0.000 0.740
[19901] Annual new issues of Egypt corporate international bonds, (financial sector) USD bln 0.645 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

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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