Long-term Egyptian bonds have recently fallen to around 50 cents to the dollar
Investors are once again eyeing Egyptian bonds after signs of progress in its plans to sell state-owned assets.
Egyptian dollar-denominated bonds were among the biggest gainers in emerging markets in the past two trading days, most notably long-term bonds, which had recently fallen to around 50 cents per dollar.
The cost of insuring the country’s debt against default fell by 103 basis points on Monday.
The Central Bank of Egypt had expected that the country would receive, during the 12 months between April 2023 and March 2024, about at least $15.2 billion, according to data published on its website.
The bank said in the data of predetermined short-term flows affecting foreign exchange reserves that the state will receive $6.76 billion in unreleased loan installments, in addition to the $9.2 billion in sales of the Suez Canal for foreign currency.
During the period from May to July 2023, Egypt is expected to receive $2.66 billion, including $1.13 billion in debt payments, and $1.53 billion in Suez Canal sales, and during the period from July to March 2024, it will receive $11.956 billion, including $5.07 billion in debt payments. And $6.9 billion in foreign currency sales from the Suez Canal, according to the Egyptian newspaper, Al Borsa.
2023-06-06 13:00:35
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