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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 79 673 006 538 000
USD 12 18 000 000 000
EUR 2 2 000 000 000
corporate
USD 10 2 438 535 000

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 17.7 7aug2025 - Domestic bonds EGBGR02141F2 17.7% 3 384 400 000  EGP 08/06/2018 08/07/2025
Egypt, Treasury Bond 17.65 03jul2023 - Domestic bonds EGBGR02131F3 17.65% 9 825 310 000  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

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 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018
African International Bonds Markets
Egypt international bonds, USD bln 22.711 22.731 22.725 23.229 23.307 23.317 20.892
Egypt corporate international bonds, USD bln 2.392 2.392 2.392 2.892 2.892 2.892 2.892
Egypt sovereign international bonds, USD bln 20.320 20.339 20.333 20.337 20.415 20.426 18.000
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Currencies

Daily indices

Type: 09/19/2018 09/18/2018 09/17/2018 09/14/2018 09/13/2018 09/12/2018 09/11/2018
Exchange Rates (Emerging Markets)
USD/EGP 17.9185 17.9078 17.9178 17.9010 17.9268 17.9089 17.8388
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Credit Risk Indicators

Daily indices

Type: 09/18/2018 09/17/2018 09/14/2018 09/13/2018 09/12/2018 09/11/2018 09/10/2018
CDS Egypt (Interactive Data)
CDS 6M Egypt 174.7200 167.6200 167.6200 167.6200 167.6200 167.6200 167.6200
CDS 1Y Egypt 207.5500 198.9800 198.9800 198.9800 198.9800 198.9800 198.9800
CDS 2Y Egypt 248.1900 237.9600 237.9600 237.9600 237.9600 237.9600 237.9600
CDS 3Y Egypt 297.0100 284.8000 284.8000 284.8000 284.8000 284.8000 284.8000
CDS 4Y Egypt 329.9700 316.4800 316.4800 316.4800 316.4800 316.4800 316.4800
CDS 5Y Egypt 360.6400 345.9400 345.9400 345.9400 345.9400 345.9400 345.9400
CDS 7Y Egypt 387.0600 372.2000 372.2000 372.2000 372.2000 372.2000 372.2000
CDS 10Y Egypt 408.3900 394.1000 394.1000 394.1000 394.1000 394.1000 394.1000
CDS 15Y Egypt 424.5400 411.3500 411.3500 411.3500 411.3500 411.3500 411.3500
CDS 20Y Egypt 431.6800 419.1100 419.1100 419.1100 419.1100 419.1100 419.1100
CDS 30Y Egypt 437.4700 425.4800 425.4800 425.4800 425.4800 425.4800 425.4800
Default Probability Egypt (Interactive Data)
6M Default Probability Egypt 0.6000 0.5800 0.6000 0.6100 0.6100 0.6200 0.6200
1Y Default Probability Egypt 2.0900 2.0200 2.0400 2.0400 2.0500 2.0600 2.0700
2Y Default Probability Egypt 5.7500 5.5200 5.5500 5.5600 5.5700 5.5700 5.5800
3Y Default Probability Egypt 10.6100 10.2000 10.2300 10.2400 10.2500 10.2600 10.2700
4Y Default Probability Egypt 15.7200 15.1300 15.1600 15.1700 15.1800 15.1900 15.2000
5Y Default Probability Egypt 21.2600 20.4800 20.5100 20.5200 20.5300 20.5400 20.5500
7Y Default Probability Egypt 30.7100 29.7200 29.7600 29.7600 29.7700 29.7900 29.7900
10Y Default Probability Egypt 43.0900 41.9600 42.0000 42.0000 42.0100 42.0200 42.0200
15Y Default Probability Egypt 59.1400 58.0500 58.0700 58.0700 58.0800 58.0900 58.0900
20Y Default Probability Egypt 70.6800 69.7100 69.7300 69.7300 69.7300 69.7400 69.7300
30Y Default Probability Egypt 84.9100 84.2400 84.2500 84.2400 84.2400 84.2600 84.2400
CDS Emerging markets (sov.) 
CDS 5Y Egypt mid * *     * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Egypt) 14.20 13.50 14.40 11.50 13.10 13.30 14.40
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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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