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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, 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, 7.625% 10nov2030, USD - International bonds XS1903489463 7.625% 1 710 000 000  USD 11/15/2018 11/10/2030
Egypt, 7.125% 10nov2026, USD - International bonds XS1903488572 7.125% 860 000 000  USD 11/15/2018 11/10/2026
Afreximbank, 5.25% 11oct2023, USD - International bonds XS1892247963 5.25% 500 000 000  USD 10/04/2018 10/11/2023
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, 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

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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Credit Default Swaps (CDS)

Daily indices

Type: 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019 03/11/2019
CDS Egypt (Interactive Data)
[11857] CDS 5Y Egypt mid 315 315   315 315 320 330
[13593] CDS 6M Egypt 167.6800 166.7000 166.8200 166.9200 168.2600 171.0900 172.4300
[13655] CDS 1Y Egypt 193.1900 191.9700 191.8300 191.8500 193.3000 196.4600 197.9100
[13717] CDS 2Y Egypt 234.3600 232.8600 232.7200 232.7300 234.5100 238.3200 240.1100
[13779] CDS 3Y Egypt 264.8300 263.1500 263.0600 263.0800 265.1200 269.4100 271.4500
[13841] CDS 4Y Egypt 288.1900 286.3700 286.3200 286.3500 288.5900 293.2400 295.4800
[13903] CDS 5Y Egypt 315.0000 313.0000 313.0000 313.0000 315.5000 320.5000 323.0000
[13965] CDS 7Y Egypt 351.6300 349.5800 349.5800 349.6000 352.2100 357.3600 359.9800
[14027] CDS 10Y Egypt 369.6200 367.6700 367.6900 367.7400 370.2300 375.1500 377.6700
[14089] CDS 15Y Egypt 385.1500 383.3700 383.3800 383.4500 385.7300 390.2300 392.5500
[14151] CDS 20Y Egypt 392.7800 391.1000 391.0900 391.1800 393.3500 397.6000 399.8200
[14213] CDS 30Y Egypt 399.4400 397.8500 397.8000 397.9300 400.0000 403.9900 406.1200
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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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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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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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