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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 124 1 854 775 825 600
USD 16 23 210 000 000
EUR 4 4 000 000 000
corporate
USD 7 3 316 500 000

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, 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 4.07563% 145 000 000  USD 07/25/2018 08/01/2022
Egypt, 4.75% 16apr2026, EUR - International bonds XS1807306300 4.75% 1 000 000 000  EUR 04/09/2018 04/16/2026

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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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10283] Egyptian international bonds, USD bln 23.800 18.300 18.300 13.500 10.700 12.000 12.000
BIS new international bonds volume
[10421] International-bond net issue of Egypt, USD bln 3.400 0.100 4.900 2.800 -1.300 0.000 1.600

Credit Default Swaps (CDS)

Daily indices

Type: 07/23/2019 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019
CDS Egypt
[13593] CDS 6M Egypt 143.1000 142.2400 142.7800 143.4100 144.8700 144.4800 144.7200
[13655] CDS 1Y Egypt 185.9100 184.7400 184.9700 185.7300 187.4300 186.8700 186.9800
[13717] CDS 2Y Egypt 225.0900 223.8100 224.1000 225.1500 227.1500 226.6000 226.6600
[13779] CDS 3Y Egypt 251.6100 250.2400 250.6400 251.8400 254.0600 253.5200 253.5700
[13841] CDS 4Y Egypt 273.1600 271.7400 272.1900 273.5500 275.9000 275.3900 275.4200
[13903] CDS 5Y Egypt 296.5000 295.0000 295.5000 297.0000 299.5000 299.0000 299.0000
[13965] CDS 7Y Egypt 337.6400 336.0600 336.6300 338.1900 340.7700 340.2700 340.2600
[14027] CDS 10Y Egypt 361.0000 359.4800 360.0700 361.5600 364.0300 363.5700 363.5500
[14089] CDS 15Y Egypt 379.8600 378.4700 379.0400 380.4100 382.6300 382.2200 382.1800
[14151] CDS 20Y Egypt 389.0700 387.7400 388.3000 389.6100 391.6700 391.2800 391.2200
[14213] CDS 30Y Egypt 396.9200 395.6600 396.1900 397.4400 399.3200 398.9700 398.8800
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Forex

Daily indices

Type: 07/23/2019 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019
FOREX rates
[3647] USD/EGP 16.6217 16.6221 16.6179 16.6164 16.6152 16.6237 16.6100
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International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Africa international bonds outstanding volume
[21775] Egypt international bonds, USD bln 30.793 30.569 30.588 28.345 28.377 24.390 24.390
[21821] Egypt corporate international bonds, USD bln 3.037 2.892 2.892 2.892 2.892 2.892 2.892
[21867] Egypt sovereign international bonds, USD bln 27.757 27.678 27.697 25.453 25.486 21.498 21.499
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Default probability (based on CDS)

Daily indices

Type: 07/23/2019 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019
Default Probability Egypt (Interactive Data)
[20335] 6M Default Probability Egypt 0.7900 0.7900 0.8100 0.8200 0.8300 0.8300 0.8400
[20397] 1Y Default Probability Egypt 2.2700 2.2600 2.2800 2.3000 2.3200 2.3200 2.3300
[20459] 2Y Default Probability Egypt 5.6700 5.6400 5.6700 5.7100 5.7700 5.7600 5.7700
[20521] 3Y Default Probability Egypt 9.4900 9.4500 9.4900 9.5400 9.6300 9.6200 9.6300
[20583] 4Y Default Probability Egypt 13.5800 13.5300 13.5700 13.6500 13.7700 13.7500 13.7600
[20645] 5Y Default Probability Egypt 18.1600 18.0900 18.1500 18.2400 18.3900 18.3800 18.3800
[20707] 7Y Default Probability Egypt 27.8400 27.7300 27.8100 27.9200 28.1200 28.1100 28.1100
[20769] 10Y Default Probability Egypt 39.6100 39.4900 39.5700 39.7000 39.9200 39.9100 39.9100
[20831] 15Y Default Probability Egypt 55.3800 55.2600 55.3400 55.4700 55.6800 55.6700 55.6700
[20893] 20Y Default Probability Egypt 67.1700 67.0500 67.1300 67.2400 67.4200 67.4200 67.4100
[20955] 30Y Default Probability Egypt 82.2600 82.1700 82.2200 82.3000 82.4200 82.4300 82.4200
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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

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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