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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 79 673 259 583 000
USD 12 18 000 000 000
EUR 2 2 000 000 000
corporate
USD 12 2 440 660 000

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
Egypt, Treasury Bond 17.65 03jul2023 - Domestic bonds EGBGR02131F3 17.65% 4 558 800 000  EGP 07/02/2018 07/03/2023
Egypt, Treasury Bond 16 12jun2021 - Domestic bonds EGBGR02091F9 16% 4 070 725 000  EGP 06/11/2018 06/12/2021
Egypt, Treasury Bond 14.9 8may2028 - Domestic bonds EGBGR02111F5 14.9% 3 696 085 000  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% 11 614 967 000  EGP 04/04/2018 04/10/2023
Egypt, Treasury Bond 14.95 20mar2021 - Domestic bonds EGBGR02061F2 14.95% 9 534 437 000  EGP 03/19/2018 03/20/2021
Egypt, Treasury Bond 14.5 20feb2022 - Domestic bonds EGBGR02081F0 14.5% 3 602 950 000  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

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 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
African International Bonds Markets
Egypt international bonds, USD bln 22.725 23.229 23.307 23.317 20.892 20.892 16.892
Egypt corporate international bonds, USD bln 2.392 2.892 2.892 2.892 2.892 2.892 2.892
Egypt sovereign international bonds, USD bln 20.333 20.337 20.415 20.426 18.000 18.000 14.000
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Currencies

Daily indices

Type: 07/20/2018 07/19/2018 07/18/2018 07/17/2018 07/16/2018 07/13/2018 07/12/2018
Exchange Rates (Emerging Markets)
USD/EGP 17.9000 17.8934 17.9025 17.8893 17.8950 17.8883 17.8938
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Credit Risk Indicators

Daily indices

Type: 07/20/2018 07/19/2018 07/18/2018 07/17/2018 07/16/2018 07/13/2018 07/12/2018
CDS Egypt (Interactive Data)
CDS 6M Egypt 188.0800 185.3900 185.3900 185.3900 188.2500 188.2500 188.2500
CDS 1Y Egypt 222.6400 219.3500 219.3500 219.3500 222.6300 222.6300 222.6300
CDS 2Y Egypt 259.6200 255.8100 255.8100 255.8100 259.6400 259.6400 259.6400
CDS 3Y Egypt 301.0000 296.5900 296.5900 296.5900 301.0300 301.0300 301.0300
CDS 4Y Egypt 332.4300 327.5800 327.5800 327.5800 332.4900 332.4900 332.4900
CDS 5Y Egypt 363.9000 358.6300 358.6300 358.6300 363.9900 363.9900 363.9900
CDS 7Y Egypt 388.6100 383.2900 383.2900 383.2900 388.7100 388.7100 388.7100
CDS 10Y Egypt 412.3100 407.1400 407.1400 407.1400 412.4000 412.4000 412.4000
CDS 15Y Egypt 422.2900 417.5100 417.5100 417.5100 422.3900 422.3900 422.3900
CDS 20Y Egypt 425.9600 421.3900 421.3900 421.3900 426.0400 426.0400 426.0400
CDS 30Y Egypt 428.2900 423.9400 423.9400 423.9400 428.3700 428.3700 428.3700
Default Probability Egypt (Interactive Data)
6M Default Probability Egypt 1.0600 1.0500 1.0600 1.0700 1.0900 1.1100 1.1200
1Y Default Probability Egypt 2.7300 2.7000 2.7100 2.7100 2.7600 2.7900 2.7900
2Y Default Probability Egypt 6.5500 6.4700 6.4700 6.4800 6.5900 6.6100 6.6200
3Y Default Probability Egypt 11.3400 11.1900 11.2000 11.2100 11.3800 11.4100 11.4200
4Y Default Probability Egypt 16.4600 16.2400 16.2600 16.2700 16.5000 16.5300 16.5500
5Y Default Probability Egypt 22.0900 21.8100 21.8300 21.8400 22.1400 22.1700 22.1900
7Y Default Probability Egypt 31.4300 31.0800 31.0900 31.1000 31.4800 31.5100 31.5200
10Y Default Probability Egypt 44.0200 43.6100 43.6300 43.6400 44.0600 44.0900 44.1000
15Y Default Probability Egypt 59.0700 58.6700 58.6900 58.6900 59.1000 59.1200 59.1300
20Y Default Probability Egypt 69.9200 69.5600 69.5800 69.5800 69.9400 69.9500 69.9700
30Y Default Probability Egypt 83.6000 83.3400 83.3600 83.3600 83.6100 83.6200 83.6300
CDS Emerging markets (sov.) 
CDS 5Y Egypt mid   * * * *   *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Egypt) 14.40 11.50 13.10 13.30 14.40 17.10 21.90
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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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