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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 122 1 814 134 357 000
USD 16 23 210 000 000
EUR 2 2 000 000 000
corporate
USD 8 3 215 500 000

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
Egypt, TB 17dec2019 9m - Domestic bonds EGT9980HCJ12 0% 10 613 775 000  EGP 03/17/2019 12/17/2019
Egypt, TB 17mar2020 12m - Domestic bonds EGT9980H3K15 0% 9 352 625 000  EGP 03/14/2019 03/17/2020
Egypt, TB 3dec2019 9m - Domestic bonds EGT99803CJ10 0% 18 938 900 000  EGP 03/03/2019 12/03/2019
Egypt, TB 3mar2020 12m - Domestic bonds EGT998033K13 0% 23 256 000 000  EGP 02/28/2019 03/03/2020
Egypt, 8.7002% 1mar2049, USD - International bonds XS1953057491 8.7002% 1 500 000 000  USD 02/19/2019 03/01/2049
Egypt, 6.2004% 1mar2024, USD - International bonds XS1953055875 6.2004% 750 000 000  USD 02/19/2019 03/01/2024
Egypt, 7.6003% 1mar2029, USD - International bonds XS1953057061 7.6003% 1 750 000 000  USD 02/19/2019 03/01/2029
Egypt, TB 19nov2019 9m - Domestic bonds EGT9980JBJ11 0% 9 882 575 000  EGP 02/17/2019 11/19/2019
Egypt, TB 18feb2020 12m - Domestic bonds EGT9980I2K14 0% 19 256 725 000  EGP 02/14/2019 02/18/2020
Egypt, TB 5nov2019 9m - Domestic bonds EGT99805BJ19 0% 18 850 700 000  EGP 02/03/2019 11/05/2019

BIS

Quarterly indices

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

Forex

Daily indices

Type: 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019 03/11/2019
FOREX rates
[3647] USD/EGP 17.2894 17.3103 17.3988 17.3982 17.4146 17.4063 17.4274
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GDP

Yearly indices

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

Credit Default Swaps (CDS)

Daily indices

Type: 03/20/2019 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019
CDS Egypt (Interactive Data)
[11857] CDS 5Y Egypt mid 325 315 315   315 315 320
[13593] CDS 6M Egypt 193.1900 167.6800 166.7000 166.8200 166.9200 168.2600 171.0900
[13655] CDS 1Y Egypt 221.9900 193.1900 191.9700 191.8300 191.8500 193.3000 196.4600
[13717] CDS 2Y Egypt 252.9500 234.3600 232.8600 232.7200 232.7300 234.5100 238.3200
[13779] CDS 3Y Egypt 278.3000 264.8300 263.1500 263.0600 263.0800 265.1200 269.4100
[13841] CDS 4Y Egypt 303.1900 288.1900 286.3700 286.3200 286.3500 288.5900 293.2400
[13903] CDS 5Y Egypt 326.9200 315.0000 313.0000 313.0000 313.0000 315.5000 320.5000
[13965] CDS 7Y Egypt 355.7100 351.6300 349.5800 349.5800 349.6000 352.2100 357.3600
[14027] CDS 10Y Egypt 371.9300 369.6200 367.6700 367.6900 367.7400 370.2300 375.1500
[14089] CDS 15Y Egypt 386.1800 385.1500 383.3700 383.3800 383.4500 385.7300 390.2300
[14151] CDS 20Y Egypt 393.3300 392.7800 391.1000 391.0900 391.1800 393.3500 397.6000
[14213] CDS 30Y Egypt 399.4400 399.4400 397.8500 397.8000 397.9300 400.0000 403.9900
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Stock exchanges and market participants indices (archive)

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
JP Morgan
[3073] EMBI Global Egypt 516 517 524 525 523 526 525
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International bonds outstanding volume

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
Africa international bonds outstanding volume
[21775] Egypt international bonds, USD bln 28.377 24.390 24.390 25.724 23.156 22.713 22.711
[21821] Egypt corporate international bonds, USD bln 2.892 2.892 2.892 2.892 2.892 2.392 2.392
[21867] Egypt sovereign international bonds, USD bln 25.486 21.498 21.499 22.832 20.265 20.322 20.320
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Inflation

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation (Africa)
[15565] Inflation Rate (Egypt) 17.70 16.00 14.20 13.50 14.40 11.50 13.10
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Default probability (based on CDS)

Daily indices

Type: 03/20/2019 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019
Default Probability Egypt (Interactive Data)
[20335] 6M Default Probability Egypt 1.9500 0.5800 0.5800 0.6000 0.6000 0.6100 0.6300
[20397] 1Y Default Probability Egypt 3.7000 1.9600 1.9500 1.9700 1.9800 2.0000 2.0400
[20459] 2Y Default Probability Egypt 7.4600 5.4400 5.4100 5.4400 5.4500 5.4900 5.5900
[20521] 3Y Default Probability Egypt 11.6400 9.4800 9.4300 9.4600 9.4700 9.5500 9.7000
[20583] 4Y Default Probability Egypt 16.2500 13.8000 13.7200 13.7500 13.7600 13.8700 14.0900
[20645] 5Y Default Probability Egypt 21.2000 18.7200 18.6200 18.6500 18.6600 18.8000 19.0900
[20707] 7Y Default Probability Egypt 30.3500 28.3400 28.2000 28.2300 28.2500 28.4400 28.8000
[20769] 10Y Default Probability Egypt 41.5600 39.8300 39.6800 39.7100 39.7300 39.9400 40.3500
[20831] 15Y Default Probability Egypt 56.7000 55.4200 55.2700 55.2900 55.3200 55.5200 55.9200
[20893] 20Y Default Probability Egypt 68.0500 67.1000 66.9700 66.9800 67.0100 67.1900 67.5500
[20955] 30Y Default Probability Egypt 82.6300 82.1800 82.0900 82.0800 82.1200 82.2500 82.4900
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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 0.500 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

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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