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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 126 1 872 120 588 600
USD 16 23 210 000 000
EUR 4 4 000 000 000
corporate
USD 7 3 366 500 000
CHF 1 100 000 000

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
Afreximbank, 3.944% 21sep2029, USD - International bonds XS2053566068 3.944% 750 000 000  USD 09/17/2019 09/21/2029
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
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
Afreximbank, FRN 1aug2022, USD - International bonds XS1861335955 3m LIBOR USD + 1.5% 145 000 000  USD 07/25/2018 08/01/2022

Свалка

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 Egypt 516 517 524 525 523 526 525
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Domestic bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019
Africa bond issues outstanding amount
[24709] Amount of outstanding issues of Egypt corporate bonds 0.2800 0.2800
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Forex

Daily indices

Type: 10/17/2019 10/16/2019 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019
FOREX rates
[3647] USD/EGP 16.2334 16.2250 16.2350 16.2624 16.2784 16.2802 16.2984
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Credit Default Swaps (CDS)

Daily indices

Type: 10/17/2019 10/16/2019 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019
CDS Egypt
[13593] CDS 6M Egypt 167.6300 167.7900 166.5200 166.5000 166.6400 166.6000 167.3700
[13655] CDS 1Y Egypt 192.9900 193.2100 191.7800 191.7900 192.0600 192.0400 192.9600
[13717] CDS 2Y Egypt 223.4000 223.7100 222.1100 222.1800 222.6600 222.7000 223.8300
[13779] CDS 3Y Egypt 250.9300 251.2800 249.5300 249.6300 250.2700 250.3800 251.6800
[13841] CDS 4Y Egypt 277.5200 277.9100 276.0200 276.1500 276.9400 277.1000 278.5700
[13903] CDS 5Y Egypt 306.6600 307.0900 305.0500 305.2000 306.1500 306.3700 308.0200
[13965] CDS 7Y Egypt 350.8500 351.2900 349.1600 349.3300 350.4600 350.7900 352.5700
[14027] CDS 10Y Egypt 368.8800 369.3000 367.2800 367.4600 368.6100 368.9700 370.7100
[14089] CDS 15Y Egypt 384.3100 384.7000 382.8800 383.0500 384.1700 384.5600 386.1800
[14151] CDS 20Y Egypt 392.2200 392.6100 390.9000 391.0700 392.1700 392.6000 394.1400
[14213] CDS 30Y Egypt 398.9700 399.3400 397.7600 397.9100 399.0200 399.4800 400.9500
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International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Africa international bonds outstanding volume
[21775] Egypt international bonds, USD bln 30.656 29.943 29.972 30.793 30.569 30.588 28.345
[21821] Egypt corporate international bonds, USD bln 3.087 2.337 2.337 3.037 2.892 2.892 2.892
[21867] Egypt sovereign international bonds, USD bln 27.569 27.606 27.636 27.757 27.678 27.697 25.453
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Default probability (based on CDS)

Daily indices

Type: 10/17/2019 10/16/2019 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019
Default Probability Egypt (Interactive Data)
[20335] 6M Default Probability Egypt 1.5200 1.5300 1.5200 1.5300 1.5500 1.5500 1.5700
[20397] 1Y Default Probability Egypt 3.0300 3.0400 3.0200 3.0300 3.0500 3.0600 3.0800
[20459] 2Y Default Probability Egypt 6.3800 6.4000 6.3600 6.3700 6.4100 6.4200 6.4600
[20521] 3Y Default Probability Egypt 10.2900 10.3100 10.2500 10.2700 10.3200 10.3300 10.3900
[20583] 4Y Default Probability Egypt 14.6900 14.7200 14.6400 14.6500 14.7200 14.7300 14.8100
[20645] 5Y Default Probability Egypt 19.7200 19.7600 19.6500 19.6700 19.7500 19.7700 19.8700
[20707] 7Y Default Probability Egypt 29.8200 29.8700 29.7300 29.7400 29.8600 29.8800 30.0100
[20769] 10Y Default Probability Egypt 41.1000 41.1400 40.9900 41.0000 41.1300 41.1600 41.3000
[20831] 15Y Default Probability Egypt 56.2700 56.3100 56.1600 56.1800 56.3100 56.3300 56.4600
[20893] 20Y Default Probability Egypt 67.6800 67.7100 67.5800 67.5900 67.7100 67.7400 67.8500
[20955] 30Y Default Probability Egypt 82.3300 82.3500 82.2600 82.2600 82.3600 82.3800 82.4500
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New domestic bonds volume

Monthly indices

Type: Sep 2019 Aug 2019
Africa new bond issues amount
[24707] Amount of new issues of Egypt corporate bonds 0.0000 0.0000
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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 0.645 0.792 0.900 0.000 0.740
[19855] Annual new issues of Egypt corporate international bonds, USD bln 0.645 0.792 0.900 0.000 0.740
[19901] Annual new issues of Egypt corporate international bonds, (financial sector) USD bln 0.645 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

New domestic bonds number

Monthly indices

Type: Sep 2019 Aug 2019
Africa new bond issues number
[24705] Number of new issues of Egypt corporate bonds 0 0
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Egypt, 4.75% 11apr2025, EUR   EUR 04/11/2025 10/17/2019 ***.** *.** 10/17/2019 ***.** *.**
Egypt, 4.75% 16apr2026, EUR   EUR 04/16/2026 10/17/2019 ***.*** *.** 10/17/2019 ***.* *.**
Egypt, 5.577% 21feb2023, USD   USD 02/21/2023 10/17/2019 ***.* *.** 10/17/2019 ***.* *.**
Egypt, 5.625% 16apr2030, EUR   EUR 04/16/2030 10/17/2019 **.** *.** 10/17/2019 **.* *.**
Egypt, 5.750% 29apr2020, USD   USD 04/29/2020 10/17/2019 ***.** *.** 10/17/2019 ***.* *.**
Egypt, 5.875% 11jun2025, USD   USD 06/11/2025 10/17/2019 ***.** *.* 10/17/2019 ***.** *.**
Egypt, 6.125% 31jan2022, USD   USD 01/31/2022 10/17/2019 ***.** *.** 10/17/2019 ***.* *.**
Egypt, 6.2004% 1mar2024, USD   USD 03/01/2024 10/17/2019 ***.* *.** 10/17/2019 ***.* *.**
Egypt, 6.375% 11apr2031, EUR   EUR 04/11/2031 10/17/2019 ***.* *.** 10/17/2019 ***.* *.**
Egypt, 6.588% 21feb2028, USD   USD 02/21/2028 10/17/2019 ***.** *.** 10/17/2019 ***.* *.**
Egypt, 6.875% 30apr2040, USD   USD 04/30/2040 10/17/2019 **.* *.** 10/17/2019 **.* *.**
Egypt, 7.5% 31jan2027, USD   USD 01/31/2027 10/17/2019 ***.** *.** 10/17/2019 ***.* *.*
Egypt, 7.6003% 1mar2029, USD   USD 03/01/2029 10/17/2019 ***.* *.** 10/17/2019 ***.* *.**
Egypt, 7.903% 21feb2048, USD   USD 02/21/2048 10/17/2019 **.*** *.** 10/17/2019 **.*** *.**
Egypt, 8.5% 31jan2047, USD   USD 01/31/2047 10/17/2019 ***.** *.** 10/17/2019 ***.* *.**
Egypt, 8.7002% 1mar2049, USD   USD 03/01/2049 10/17/2019 ***.** *.** 10/17/2019 ***.** *.**
Afreximbank, 3.944% 21sep2029, USD   USD 09/21/2029 10/17/2019 **.** * 10/17/2019 ***.* *.**
Afreximbank, 4% 24may2021, USD   USD 05/24/2021 10/17/2019 ***.** *.* 10/17/2019 ***.** *.**
Afreximbank, 4.125% 20jun2024, USD   USD 06/20/2024 10/17/2019 ***.** *.** 10/17/2019 ***.* *.*
Afreximbank, 5.25% 11oct2023, USD   USD 10/11/2023 10/17/2019 ***.** *.** 10/17/2019 ***.** *.**
Afreximbank, FRN 25jul2021, USD   USD 07/25/2021 10/17/2019 ***.*** * 10/17/2019 ***.*** *
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