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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

Moneda Outstanding bond issues Cumulative volume
Soberano
EGP 80 682 551 418 000
USD 12 18 000 000 000
EUR 2 2 000 000 000
Corporativo
USD 11 2 439 535 000

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, Treasury Bond 17.7 7aug2025 - Bonos locales EGBGR02141F2 17.7% 1 500 000 000  EGP 06/08/18 07/08/25
Egypt, Treasury Bond 17.65 03jul2023 - Bonos locales EGBGR02131F3 17.65% 7 803 510 000  EGP 02/07/18 03/07/23
Egypt, Treasury Bond 16 12jun2021 - Bonos locales EGBGR02091F9 16% 4 070 725 000  EGP 11/06/18 12/06/21
Egypt, Treasury Bond 14.9 8may2028 - Bonos locales EGBGR02111F5 14.9% 3 696 085 000  EGP 07/05/18 08/05/28
Egypt, 4.75% 16apr2026, EUR - Bonos internacionales XS1807306300 4.75% 1 000 000 000  EUR 09/04/18 16/04/26
Egypt, 5.625% 16apr2030, EUR - Bonos internacionales XS1807305328 5.625% 1 000 000 000  EUR 09/04/18 16/04/30
Egypt, Treasury Bond 14.85 10apr2023 - Bonos locales EGBGR02101F6 14.85% 11 614 967 000  EGP 04/04/18 10/04/23
Egypt, Treasury Bond 14.95 20mar2021 - Bonos locales EGBGR02061F2 14.95% 9 534 437 000  EGP 19/03/18 20/03/21
Egypt, Treasury Bond 14.5 20feb2022 - Bonos locales EGBGR02081F0 14.5% 3 602 950 000  EGP 19/02/18 20/02/25
Egypt, 6.588% 21feb2028, USD - Bonos internacionales XS1775618439 6.588% 1 250 000 000  USD 13/02/18 21/02/28

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Egyptian international bonds, USD bln 13.500 10.700 12.000 12.000 11.700 8.300 4.200
BIS net issues of international-bond market of emerging countries
International-bond net issue of Egypt, USD bln 2.800 -1.300 0.000 1.600 3.300 4.200 1.000

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Africa)
Annual new issues of Egypt sovereign international bonds, USD bln 0.792 0.900 0.000 0.740
Annual new issues of Egypt corporate international bonds, USD bln 0.792 0.900 0.000 0.740
Annual new issues of Egypt corporate international bonds, (financial sector) USD bln 0.792 0.900 0.000 0.740
Annual new issues of Egypt corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
African International Bonds Markets
Egypt international bonds, USD bln 22.731 22.725 23.229 23.307 23.317 20.892 20.892
Egypt corporate international bonds, USD bln 2.392 2.392 2.892 2.892 2.892 2.892 2.892
Egypt sovereign international bonds, USD bln 20.339 20.333 20.337 20.415 20.426 18.000 18.000
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Currencies

Daily indices

Type: 16/08/18 15/08/18 14/08/18 13/08/18 10/08/18 09/08/18 08/08/18
Exchange Rates (Emerging Markets)
USD/EGP 17.8991 17.8938 17.8919 17.9150 17.8623 17.8676 17.8777
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Credit Risk Indicators

Daily indices

Type: 16/08/18 15/08/18 14/08/18 13/08/18 10/08/18 09/08/18 08/08/18
CDS Egypt (Interactive Data)
CDS 6M Egypt 163.7200 163.7200 163.7200 163.7200 163.7200 163.7200 163.7200
CDS 1Y Egypt 194.1300 194.1300 194.1300 194.1300 194.1300 194.1300 194.1300
CDS 2Y Egypt 232.1500 232.1500 232.1500 232.1500 232.1500 232.1500 232.1500
CDS 3Y Egypt 277.8500 277.8500 277.8500 277.8500 277.8500 277.8500 277.8500
CDS 4Y Egypt 312.9000 312.9000 312.9000 312.9000 312.9000 312.9000 312.9000
CDS 5Y Egypt 348.0100 348.0100 348.0100 348.0100 348.0100 348.0100 348.0100
CDS 7Y Egypt 371.3100 371.3100 371.3100 371.3100 371.3100 371.3100 371.3100
CDS 10Y Egypt 395.1700 395.1700 395.1700 395.1700 395.1700 395.1700 395.1700
CDS 15Y Egypt 413.4600 413.4600 413.4600 413.4600 413.4600 413.4600 413.4600
CDS 20Y Egypt 421.6000 421.6000 421.6000 421.6000 421.6000 421.6000 421.6000
CDS 30Y Egypt 428.1800 428.1800 428.1800 428.1800 428.1800 428.1800 428.1800
Default Probability Egypt (Interactive Data)
6M Default Probability Egypt 0.7600 0.7700 0.7700 0.7800 0.8000 0.8000 0.8100
1Y Default Probability Egypt 2.1900 2.2000 2.2100 2.2100 2.2400 2.2400 2.2500
2Y Default Probability Egypt 5.6600 5.6600 5.6700 5.6800 5.7100 5.7100 5.7200
3Y Default Probability Egypt 10.2700 10.2800 10.2900 10.3000 10.3300 10.3400 10.3500
4Y Default Probability Egypt 15.3200 15.3300 15.3400 15.3500 15.3800 15.4000 15.4100
5Y Default Probability Egypt 21.0000 21.0100 21.0200 21.0300 21.0700 21.0800 21.1000
7Y Default Probability Egypt 30.0200 30.0200 30.0400 30.0500 30.0800 30.1000 30.1200
10Y Default Probability Egypt 42.4200 42.4300 42.4500 42.4500 42.4800 42.5000 42.5200
15Y Default Probability Egypt 58.5800 58.5800 58.6000 58.6000 58.6300 58.6500 58.6700
20Y Default Probability Egypt 70.2100 70.2100 70.2300 70.2300 70.2500 70.2800 70.3000
30Y Default Probability Egypt 84.6000 84.6000 84.6200 84.6200 84.6300 84.6500 84.6700
CDS Emerging markets (sov.) 
CDS 5Y Egypt mid * * * *   * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Egypt) 13.50 14.40 11.50 13.10 13.30 14.40 17.10
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Egypt) 101.20 92.30 85.00 90.50

JP Morgan

Daily indices

Type: 30/10/13 29/10/13 28/10/13 25/10/13 24/10/13 23/10/13 22/10/13
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Egypt * * * * * * *
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Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Egypt, 5.750% 29apr2020, USD   USD 29/04/20 18/05/16 ***.* *.** 18/05/16 ***.*** *.**
Egypt, 5.875% 11jun2025, USD   USD 11/06/25 18/05/16 **.** *.** 18/05/16 **.*** *.**
Egypt, 6.875% 30apr2040, USD   USD 30/04/40 18/05/16 ** *.** 18/05/16 **.* *.**
Afreximbank, 3.88% 4jun2018, USD   USD 04/06/18 18/05/16 ***.** *.** 18/05/16 *** *.**
Afreximbank, 4.75% 29jul2019, USD   USD 29/07/19 18/05/16 ***.** *.* 18/05/16 ***.** *.*
Afreximbank, 5.750% 27jul2016, USD   USD 27/07/16 18/05/16 ***.* *.** 18/05/16 ***.*** *.**
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