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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 2 411 288 240 600
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: 09/17/2020 09/16/2020 09/15/2020 09/14/2020 09/13/2020 09/12/2020 09/11/2020
FOREX rates
[3647] USD/EGP 15.7100 15.7100 15.7100 15.7200 15.7000 15.7100 15.7599
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Credit Default Swaps (CDS)

Daily indices

Type: 09/18/2020 09/17/2020 09/16/2020 09/15/2020 09/14/2020 09/11/2020 09/10/2020
CDS Egypt
[13593] CDS 6M Egypt 172.9400 172.8900 173.5800 174.2500 175.4100 175.6300 176.5200
[13655] CDS 1Y Egypt 214.7400 214.5300 215.2300 215.9100 217.2000 217.0300 218.0000
[13717] CDS 2Y Egypt 295.6000 295.2900 296.2900 297.1700 298.9700 298.7400 300.1400
[13779] CDS 3Y Egypt 356.5700 356.2000 357.4600 358.5600 360.8100 360.5800 362.3600
[13841] CDS 4Y Egypt 388.6700 388.2700 389.6900 390.9300 393.4400 393.2500 395.2500
[13903] CDS 5Y Egypt 411.5300 411.1100 412.6300 413.9700 416.6700 416.4900 418.6500
[13965] CDS 7Y Egypt 515.0300 514.5800 516.2300 517.7700 520.8700 520.4500 522.9200
[14027] CDS 10Y Egypt 543.1500 542.6800 544.3000 545.8400 548.9000 548.3300 550.7100
[14089] CDS 15Y Egypt 556.6100 556.0700 557.6500 559.1500 561.9400 561.1200 563.2100
[14151] CDS 20Y Egypt 559.2600 558.6200 560.2500 561.7800 564.3800 563.2500 565.1000
[14213] CDS 30Y Egypt 556.8100 555.7900 557.6400 559.2800 561.5000 559.9100 561.2900
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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: 09/18/2020 09/17/2020 09/16/2020 09/15/2020 09/14/2020 09/11/2020 09/10/2020
Default Probability Egypt (Interactive Data)
[20335] 6M Default Probability Egypt 0.5900 0.6000 0.6100 0.6200 0.6300 0.6500 0.6600
[20397] 1Y Default Probability Egypt 2.1600 2.1700 2.1900 2.2000 2.2200 2.2400 2.2600
[20459] 2Y Default Probability Egypt 6.8000 6.8000 6.8300 6.8600 6.9100 6.9400 6.9800
[20521] 3Y Default Probability Egypt 12.5500 12.5500 12.6100 12.6500 12.7400 12.7700 12.8400
[20583] 4Y Default Probability Egypt 18.1400 18.1400 18.2100 18.2800 18.4000 18.4200 18.5200
[20645] 5Y Default Probability Egypt 23.6100 23.6000 23.6900 23.7700 23.9200 23.9500 24.0700
[20707] 7Y Default Probability Egypt 39.1200 39.1000 39.2100 39.3200 39.5300 39.5400 39.7100
[20769] 10Y Default Probability Egypt 53.1100 53.0900 53.2100 53.3200 53.5400 53.5300 53.7000
[20831] 15Y Default Probability Egypt 68.9600 68.9200 69.0300 69.1400 69.3200 69.2800 69.4200
[20893] 20Y Default Probability Egypt 79.0300 78.9800 79.0900 79.1900 79.3200 79.2400 79.3400
[20955] 30Y Default Probability Egypt 89.8400 89.7600 89.8600 89.9400 89.9900 89.8800 89.8900
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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 09/17/2020 ***.* *.** 09/17/2020 ***.* *.**
Egypt, 4.75% 11apr2025, EUR   EUR 04/11/2025 09/17/2020 **.** *.** 09/17/2020 ***.** *.**
Egypt, 4.75% 16apr2026, EUR   EUR 04/16/2026 09/17/2020 **.* *.** 09/17/2020 **.** *.**
Egypt, 5.577% 21feb2023, USD   USD 02/21/2023 09/17/2020 ***.** *.** 09/17/2020 ***.** *.**
Egypt, 5.625% 16apr2030, EUR   EUR 04/16/2030 09/17/2020 **.* *.** 09/17/2020 **.** *.**
Egypt, 5.75% 29may2024, USD   USD 05/29/2024 09/17/2020 ***.** *.** 09/17/2020 ***.** *.**
Egypt, 5.875% 11jun2025, USD   USD 06/11/2025 09/17/2020 ***.** *.* 09/17/2020 ***.** *.**
Egypt, 6.125% 31jan2022, USD   USD 01/31/2022 09/17/2020 ***.* *.** 09/17/2020 ***.** *.**
Egypt, 6.2004% 1mar2024, USD   USD 03/01/2024 09/17/2020 ***.** *.** 09/17/2020 ***.** *.**
Egypt, 6.375% 11apr2031, EUR   EUR 04/11/2031 09/17/2020 **.** *.** 09/17/2020 **.** *.**
Egypt, 6.588% 21feb2028, USD   USD 02/21/2028 09/17/2020 ***.** *.** 09/17/2020 ***.** *.**
Egypt, 6.875% 30apr2040, USD   USD 04/30/2040 09/17/2020 **.** *.** 09/17/2020 **.** *.**
Egypt, 7.0529% 15jan2032, USD   USD 01/15/2032 09/17/2020 ***.* * 09/17/2020 ***.** *.**
Egypt, 7.5% 31jan2027, USD   USD 01/31/2027 09/17/2020 ***.*** *.* 09/17/2020 ***.** *.**
Egypt, 7.6003% 1mar2029, USD   USD 03/01/2029 09/17/2020 ***.* *.** 09/17/2020 ***.** *.**
Egypt, 7.625% 29may2032, USD   USD 05/29/2032 09/17/2020 ***.** *.** 09/17/2020 ***.** *.**
Egypt, 7.903% 21feb2048, USD   USD 02/21/2048 09/17/2020 **.** *.** 09/17/2020 **.** *.**
Egypt, 8.15% 20nov2059, USD   USD 11/20/2059 09/17/2020 **.* *.** 09/17/2020 ***.** *.**
Egypt, 8.5% 31jan2047, USD   USD 01/31/2047 09/17/2020 ***.** *.** 09/17/2020 ***.** *.**
Egypt, 8.7002% 1mar2049, USD   USD 03/01/2049 09/17/2020 ***.* *.** 09/17/2020 ***.** *.**
Egypt, 8.875% 29may2050, USD   USD 05/29/2050 09/17/2020 ***.* *.** 09/17/2020 ***.** *.**
Afreximbank, 3.994% 21sep2029, USD   USD 09/21/2029 09/17/2020 ***.** *.** 09/17/2020 ***.*** *.**
Afreximbank, 4% 24may2021, USD   USD 05/24/2021 09/17/2020 ***.** *.** 09/17/2020 ***.** *.**
Afreximbank, 4.125% 20jun2024, USD   USD 06/20/2024 09/17/2020 ***.** *.* 09/17/2020 ***.** *.**
Afreximbank, 5.25% 11oct2023, USD   USD 10/11/2023 09/17/2020 ***.** *.** 09/17/2020 ***.** *.**
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