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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 80 684 310 338 000
USD 12 18 000 000 000
EUR 2 2 000 000 000
corporate
USD 11 2 439 535 000

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, 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
Egypt, 5.577% 21feb2023, USD - International bonds XS1775617209 5.577% 1 250 000 000  USD 02/13/2018 02/21/2023
Afreximbank, FRN 25jul2021, USD - International bonds XS1651860287 3M USD LIBOR+1.7% 41 500 000  USD 07/19/2017 07/25/2021
Afreximbank, 4.125% 20jun2024, USD - International bonds XS1633896813 4.125% 750 000 000  USD 06/13/2017 06/20/2024
Egypt, 6.125% 31jan2022, USD - International bonds XS1558077845 6.125% 2 500 000 000  USD 05/25/2017 01/31/2022
Egypt, 8.5% 31jan2047, USD - International bonds XS1558078496 8.5% 2 500 000 000  USD 05/25/2017 01/31/2047
Egypt, 7.5% 31jan2027, USD - International bonds XS1558078736 7.5% 2 000 000 000  USD 05/25/2017 01/31/2027

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

Daily indices

Type: 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018 08/10/2018 08/09/2018
Exchange Rates (Emerging Markets)
USD/EGP 17.8952 17.8991 17.8938 17.8919 17.9150 17.8623 17.8676
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Credit Risk Indicators

Daily indices

Type: 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018 08/10/2018 08/09/2018
CDS Egypt (Interactive Data)
CDS 6M Egypt 163.6400 163.7200 163.7200 163.7200 163.7200 163.7200 163.7200
CDS 1Y Egypt 194.1300 194.1300 194.1300 194.1300 194.1300 194.1300 194.1300
CDS 2Y Egypt 232.1400 232.1500 232.1500 232.1500 232.1500 232.1500 232.1500
CDS 3Y Egypt 277.8500 277.8500 277.8500 277.8500 277.8500 277.8500 277.8500
CDS 4Y Egypt 312.8900 312.9000 312.9000 312.9000 312.9000 312.9000 312.9000
CDS 5Y Egypt 348.0100 348.0100 348.0100 348.0100 348.0100 348.0100 348.0100
CDS 7Y Egypt 371.3000 371.3100 371.3100 371.3100 371.3100 371.3100 371.3100
CDS 10Y Egypt 395.1600 395.1700 395.1700 395.1700 395.1700 395.1700 395.1700
CDS 15Y Egypt 413.4900 413.4600 413.4600 413.4600 413.4600 413.4600 413.4600
CDS 20Y Egypt 421.6300 421.6000 421.6000 421.6000 421.6000 421.6000 421.6000
CDS 30Y Egypt 428.2400 428.1800 428.1800 428.1800 428.1800 428.1800 428.1800
CDS Emerging markets (sov.) 
CDS 5Y Egypt mid   * * * *   *
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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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200 000
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