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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 1 850 144 239 000
USD 16 23 210 000 000
EUR 4 4 000 000 000
corporate
USD 6 3 171 500 000

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 12may2020 12m - Domestic bonds EGT9980C5K14 0% 15 423 725 000  EGP 05/12/2019 05/12/2020
Egypt, TB 11feb2020 9m - Domestic bonds EGT9980B2K19 0% 16 807 550 000  EGP 05/08/2019 02/11/2020
Egypt, Treasury Bond 16.1 7may2029 - Domestic bonds EGBGR02271F7 16.1% 1 855 306 000  EGP 05/06/2019 05/07/2029
Egypt, TB 28jan2020 9m - Domestic bonds EGT9980S1K14 0% 13 439 400 000  EGP 04/24/2019 01/28/2020
Egypt, TB 28apr2020 12m - Domestic bonds EGT9980S4K11 0% 20 447 725 000  EGP 04/23/2019 04/28/2020
Egypt, TB 14jan2020 9m - Domestic bonds EGT9980E1K14 0% 18 016 950 000  EGP 04/14/2019 01/14/2020
Egypt, TB 14apr2020 12m - Domestic bonds EGT9980E4K11 0% 20 802 550 000  EGP 04/11/2019 04/14/2020
Egypt, Treasury Bond 16.3 9apr2024 - Domestic bonds EGBGR02251F9 16.3% 6 905 616 000  EGP 04/08/2019 04/09/2024
Egypt, 4.75% 11apr2025, EUR - International bonds XS1980065301 4.75% 750 000 000  EUR 04/04/2019 04/11/2025
Egypt, 6.375% 11apr2031, EUR - International bonds XS1980255936 6.375% 1 250 000 000  EUR 04/04/2019 04/11/2031

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: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
FOREX rates
[3647] USD/EGP 17.0171 17.0194 17.0395 17.0514 17.0846 17.0707 17.0812
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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: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
CDS Egypt
[23539] CDS Egypt 5Y   347.0000 349.0000 348.0000 346.5000 330.5000 323.5000
[11857] CDS 5Y Egypt mid 330 330   330 330 335 325
[13593] CDS 6M Egypt 166.4500 166.6800 167.6400 166.8900 166.3100 158.3000 155.0900
[13655] CDS 1Y Egypt 211.4100 211.7300 212.8200 211.9100 211.0900 200.9500 196.7900
[13717] CDS 2Y Egypt 259.3000 259.8800 261.2900 260.3400 259.2800 247.0000 241.8200
[13779] CDS 3Y Egypt 291.9500 292.6700 294.3400 293.3600 292.1600 278.4400 272.5800
[13841] CDS 4Y Egypt 318.2700 319.1400 320.9800 320.0000 318.6400 303.8100 297.3800
[13903] CDS 5Y Egypt 346.0000 347.0000 349.0000 348.0000 346.5000 330.5000 323.5000
[13965] CDS 7Y Egypt 389.9400 391.0200 393.1600 392.1400 390.5300 373.7300 366.3000
[14027] CDS 10Y Egypt 411.9600 413.0200 415.1200 414.1600 412.6000 396.3200 389.0900
[14089] CDS 15Y Egypt 427.0000 428.0000 429.9600 429.0900 427.6200 412.5200 405.7900
[14151] CDS 20Y Egypt 433.9100 434.8600 436.7400 435.9200 434.5100 420.0900 413.6300
[14213] CDS 30Y Egypt 439.3100 440.2200 442.0100 441.2500 439.8900 426.1500 419.9800
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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: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Africa international bonds outstanding volume
[21775] Egypt international bonds, USD bln 30.588 28.345 28.377 24.390 24.390 25.724 23.156
[21821] Egypt corporate international bonds, USD bln 2.892 2.892 2.892 2.892 2.892 2.892 2.892
[21867] Egypt sovereign international bonds, USD bln 27.697 25.453 25.486 21.498 21.499 22.832 20.265
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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: 05/21/2019 05/20/2019 05/17/2019 05/16/2019 05/15/2019 05/14/2019 05/13/2019
Default Probability Egypt (Interactive Data)
[20335] 6M Default Probability Egypt 1.3000 1.3100 1.3300 1.3300 1.3400 1.2800 1.2600
[20397] 1Y Default Probability Egypt 3.0500 3.0700 3.1000 3.1000 3.0900 2.9500 2.9000
[20459] 2Y Default Probability Egypt 7.0800 7.1000 7.1700 7.1500 7.1300 6.8100 6.6800
[20521] 3Y Default Probability Egypt 11.5700 11.6100 11.7000 11.6700 11.6400 11.1300 10.9100
[20583] 4Y Default Probability Egypt 16.3400 16.3900 16.5100 16.4800 16.4200 15.7300 15.4300
[20645] 5Y Default Probability Egypt 21.6300 21.6900 21.8400 21.7900 21.7200 20.8300 20.4400
[20707] 7Y Default Probability Egypt 32.2500 32.3300 32.5100 32.4500 32.3500 31.1900 30.6800
[20769] 10Y Default Probability Egypt 44.5200 44.6100 44.8000 44.7400 44.6200 43.3300 42.7500
[20831] 15Y Default Probability Egypt 60.0800 60.1700 60.3500 60.2900 60.1700 58.9400 58.3600
[20893] 20Y Default Probability Egypt 71.3100 71.3900 71.5400 71.4900 71.3800 70.3000 69.7800
[20955] 30Y Default Probability Egypt 85.1300 85.1800 85.2800 85.2500 85.1700 84.4300 84.0600
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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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