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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 142 2 426 935 140 600
USD 28 35 304 400 000
EUR 6 5 300 300 000
corporate
USD 6 3 086 500 000
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
Egypt, 5.75% 29may2024, USD - International bonds XS2176895469 5.75% 1 250 000 000  USD 05/21/2020 05/29/2024
Egypt, 7.625% 29may2032, USD - International bonds XS2176897754 7.625% 1 750 000 000  USD 05/21/2020 05/29/2032
Egypt, 8.875% 29may2050, USD - International bonds XS2176899701 8.875% 2 000 000 000  USD 05/21/2020 05/29/2050
Egypt, 8.15% 20nov2059, USD - International bonds XS2079846635 8.15% 500 000 000  USD 11/13/2019 11/20/2059
Egypt, 7.0529% 15jan2032, USD - International bonds XS2079842642 7.0529% 1 000 000 000  USD 11/13/2019 01/15/2032
Egypt, 4.55% 20nov2023, USD - International bonds XS2079842485 4.55% 500 000 000  USD 11/13/2019 11/20/2023
Afreximbank, 3.994% 21sep2029, USD - International bonds XS2053566068 3.994% 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

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: Aug 2020 Jul 2020 Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020
Africa bond issues outstanding amount
[24709] Amount of outstanding issues of Egypt corporate bonds 0.1106 0.1097 0.1056 0.1040 0.1034 0.1039 0.1036
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Forex

Daily indices

Type: 09/28/2020 09/27/2020 09/26/2020 09/25/2020 09/24/2020 09/23/2020 09/22/2020
FOREX rates
[3647] USD/EGP 15.7605 15.7655 15.7500 15.7500 15.7500 15.7000 15.7500
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Credit Default Swaps (CDS)

Daily indices

Type: 09/28/2020 09/25/2020 09/24/2020 09/23/2020 09/22/2020 09/21/2020 09/18/2020
CDS Egypt
[13593] CDS 6M Egypt 212.2100 211.9800 211.8900 211.8400 214.8600 214.7900 172.9400
[13655] CDS 1Y Egypt 268.5100 268.1400 268.0200 267.9200 271.6700 271.5600 214.7400
[13717] CDS 2Y Egypt 328.8900 328.6400 328.5700 328.5300 333.1400 333.0800 295.6000
[13779] CDS 3Y Egypt 370.1600 370.0000 369.9900 370.0000 375.1900 375.1500 356.5700
[13841] CDS 4Y Egypt 395.9700 395.8800 395.9200 395.9600 401.4900 401.4800 388.6700
[13903] CDS 5Y Egypt 439.3000 439.2300 439.3200 439.3700 445.4400 445.4200 411.5300
[13965] CDS 7Y Egypt 514.2800 514.1600 514.3600 514.4300 520.9300 520.8100 515.0300
[14027] CDS 10Y Egypt 538.3700 538.2300 538.4800 538.5900 544.9100 544.5600 543.1500
[14089] CDS 15Y Egypt 550.6800 550.4300 550.7200 550.8400 556.7600 555.9500 556.6100
[14151] CDS 20Y Egypt 553.2600 552.8700 553.1300 553.2500 558.8800 557.6600 559.2600
[14213] CDS 30Y Egypt 551.2400 550.6100 550.7700 550.8600 556.2000 554.1900 556.8100
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International bonds outstanding volume

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020
Africa international bonds outstanding volume
[21775] Egypt international bonds, USD bln 37.072 37.008 36.790 36.750 31.678 32.707 32.710
[21821] Egypt corporate international bonds, USD bln 3.087 3.087 3.087 3.087 3.087 3.087 3.087
[21867] Egypt sovereign international bonds, USD bln 33.986 33.921 33.703 33.663 28.592 29.620 29.624
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Default probability (based on CDS)

Daily indices

Type: 09/28/2020 09/25/2020 09/24/2020 09/23/2020 09/22/2020 09/21/2020 09/18/2020
Default Probability Egypt (Interactive Data)
[20335] 6M Default Probability Egypt 2.0600 2.0800 2.0900 2.1000 2.1300 2.1400 0.5900
[20397] 1Y Default Probability Egypt 4.3700 4.3900 4.4000 4.4100 4.4800 4.4900 2.1600
[20459] 2Y Default Probability Egypt 9.4900 9.5200 9.5300 9.5400 9.6800 9.6900 6.8000
[20521] 3Y Default Probability Egypt 15.0700 15.1000 15.1100 15.1300 15.3300 15.3500 12.5500
[20583] 4Y Default Probability Egypt 20.5300 20.5700 20.5800 20.5900 20.8700 20.8800 18.1400
[20645] 5Y Default Probability Egypt 27.3000 27.3400 27.3600 27.3700 27.7100 27.7300 23.6100
[20707] 7Y Default Probability Egypt 41.1300 41.1600 41.1900 41.2000 41.6300 41.6300 39.1200
[20769] 10Y Default Probability Egypt 54.4500 54.4700 54.5000 54.5200 54.9600 54.9400 53.1100
[20831] 15Y Default Probability Egypt 69.6900 69.6900 69.7200 69.7400 70.1300 70.0600 68.9600
[20893] 20Y Default Probability Egypt 79.4500 79.4200 79.4500 79.4600 79.7700 79.6500 79.0300
[20955] 30Y Default Probability Egypt 90.0000 89.9600 89.9600 89.9600 90.1500 89.9800 89.8400
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New domestic bonds volume

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020
Africa new bond issues amount
[24707] Amount of new issues of Egypt corporate bonds 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
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New international bonds volume

Yearly indices

Type: 2019 2018 2017 2016 2015 2014
Africa new international bonds volume
[19809] Annual new issues of Egypt sovereign international bonds, USD bln 0.750 0.645 0.792 0.900 0.000 0.740
[19855] Annual new issues of Egypt corporate international bonds, USD bln 0.750 0.645 0.792 0.900 0.000 0.740
[19901] Annual new issues of Egypt corporate international bonds, (financial sector) USD bln 0.750 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 0.000

New domestic bonds number

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020
Africa new bond issues number
[24705] Number of new issues of Egypt corporate bonds 0 0 0 0 0 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, 4.55% 20nov2023, USD   USD 11/20/2023 09/28/2020 ***.** *.** 09/28/2020 ***.** *.**
Egypt, 4.75% 11apr2025, EUR   EUR 04/11/2025 09/28/2020 **.** *.** 09/28/2020 **.** *.**
Egypt, 4.75% 16apr2026, EUR   EUR 04/16/2026 09/28/2020 **.* *.** 09/28/2020 **.* *.**
Egypt, 5.577% 21feb2023, USD   USD 02/21/2023 09/28/2020 ***.** *.** 09/28/2020 ***.** *.**
Egypt, 5.625% 16apr2030, EUR   EUR 04/16/2030 09/28/2020 **.** *.** 09/28/2020 ** *.*
Egypt, 5.75% 29may2024, USD   USD 05/29/2024 09/28/2020 ***.** *.** 09/28/2020 ***.* *.**
Egypt, 5.875% 11jun2025, USD   USD 06/11/2025 09/28/2020 ***.** *.* 09/28/2020 ***.* *.**
Egypt, 6.125% 31jan2022, USD   USD 01/31/2022 09/28/2020 ***.** *.** 09/28/2020 ***.* *.**
Egypt, 6.2004% 1mar2024, USD   USD 03/01/2024 09/28/2020 ***.* *.** 09/28/2020 ***.** *.**
Egypt, 6.375% 11apr2031, EUR   EUR 04/11/2031 09/28/2020 **.** *.** 09/28/2020 **.** *.**
Egypt, 6.588% 21feb2028, USD   USD 02/21/2028 09/28/2020 **.** *.** 09/28/2020 **.* *.**
Egypt, 6.875% 30apr2040, USD   USD 04/30/2040 09/28/2020 **.** *.** 09/28/2020 ** *.**
Egypt, 7.0529% 15jan2032, USD   USD 01/15/2032 09/28/2020 **.** *.* 09/28/2020 **.* *.*
Egypt, 7.5% 31jan2027, USD   USD 01/31/2027 09/28/2020 ***.** *.** 09/28/2020 ***.** *.**
Egypt, 7.6003% 1mar2029, USD   USD 03/01/2029 09/28/2020 ***.** *.** 09/28/2020 ***.** *.**
Egypt, 7.625% 29may2032, USD   USD 05/29/2032 09/28/2020 **.** *.** 09/28/2020 **.* *.**
Egypt, 7.903% 21feb2048, USD   USD 02/21/2048 09/28/2020 **.** *.** 09/28/2020 **.* *.**
Egypt, 8.15% 20nov2059, USD   USD 11/20/2059 09/28/2020 **.** *.* 09/28/2020 **.* *.**
Egypt, 8.5% 31jan2047, USD   USD 01/31/2047 09/28/2020 **.** *.** 09/28/2020 **.* *.**
Egypt, 8.7002% 1mar2049, USD   USD 03/01/2049 09/28/2020 **.** *.** 09/28/2020 **.* *.**
Egypt, 8.875% 29may2050, USD   USD 05/29/2050 09/28/2020 **.** *.** 09/28/2020 ***.** *.**
Afreximbank, 3.994% 21sep2029, USD   USD 09/21/2029 09/28/2020 ***.*** *.** 09/28/2020 *** *.*
Afreximbank, 4% 24may2021, USD   USD 05/24/2021 09/28/2020 ***.** *.** 09/28/2020 ***.** *.**
Afreximbank, 4.125% 20jun2024, USD   USD 06/20/2024 09/28/2020 ***.** *.** 09/28/2020 ***.** *.**
Afreximbank, 5.25% 11oct2023, USD   USD 10/11/2023 09/28/2020 ***.** *.** 09/28/2020 ***.** *.**
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