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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 79 668 725 194 000
USD 12 18 000 000 000
EUR 2 2 000 000 000
corporate
USD 15 2 943 057 500

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.) ***
National Rating Agency *** Global scale ***
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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 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Egyptian international bonds, USD bln 11.700 8.300 4.200 5.200 5.200 5.200 4.100
BIS net issues of international-bond market of emerging countries
International-bond net issue of Egypt, USD bln 3.300 4.200 1.000   0.000 1.000 -1.300

Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
African International Bonds Markets (adjusted for amortization)
Egypt international bonds, USD bln 20.892 20.892 16.892 16.892 16.892 16.892 16.892
Egypt corporate international bonds, USD bln 2.892 2.892 2.892 2.892 2.892 2.892 2.892
Egypt sovereign international bonds, USD bln 18.000 18.000 14.000 14.000 14.000 14.000 14.000
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Currencies

Daily indices

Type: 04/24/2018 04/23/2018 04/20/2018 04/19/2018 04/18/2018 04/17/2018 04/16/2018
Exchange Rates (Emerging Markets)
USD/EGP 17.7038 17.6771 17.6092 17.6672 17.6975 17.6635 17.6913
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Credit Risk Indicators

Daily indices

Type: 04/24/2018 04/23/2018 04/20/2018 04/19/2018 04/18/2018 04/17/2018 04/16/2018
CDS Interactive Data 
CDS 6M Egypt * * * * * * *
CDS 1Y Egypt * * * * * * *
CDS 2Y Egypt * * * * * * *
CDS 3Y Egypt * * * * * * *
CDS 4Y Egypt * * * * * * *
CDS 5Y Egypt * * * * * * *
CDS 7Y Egypt * * * * * * *
CDS 10Y Egypt * * * * * * *
CDS 15Y Egypt * * * * * * *
CDS 20Y Egypt * * * * * * *
CDS 30Y Egypt * * * * * * *
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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issues: local and international bonds
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150 000
issues: local and international bonds
170
countries
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