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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 80 669 196 657 000
USD 12 18 000 000 000
Corporativo
USD 17 2 945 377 500

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.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Egypt, Treasury Bond 14.5 20feb2022 - Bonos locales EGBGR02081F0 14.5% 1 000 000 000  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
Egypt, 7.903% 21feb2048, USD - Bonos internacionales XS1775617464 7.903% 1 500 000 000  USD 13/02/18 21/02/48
Egypt, 5.577% 21feb2023, USD - Bonos internacionales XS1775617209 5.577% 1 250 000 000  USD 13/02/18 21/02/23
Egypt, Treasury Bond 14.8 30jan2023 - Bonos locales EGBGR02071F1 14.8% 3 104 150 000  EGP 29/01/18 30/01/23
Egypt, Treasury Bond 16 12dec2020 - Bonos locales EGBGR02021F6 16% 9 359 950 000  EGP 11/12/17 12/12/20
Egypt, Treasury Bond 15.7 7nov2027 - Bonos locales EGBGR02041F4 15.7% 8 035 731 000  EGP 06/11/17 07/11/27
Egypt, Treasury Bond 15.3 10oct2022 - Bonos locales EGBGR02031F5 15.3% 11 142 140 000  EGP 09/10/17 10/10/22
Egypt, Treasury Bond 15 3oct2020 - Bonos locales EGBGR02011F7 15% 7 194 235 000  EGP 02/10/17 03/10/20
Egypt, Treasury Bond 16.4 5sep2020 - Bonos locales EGBGR01991F1 16.4% 3 769 560 000  EGP 05/09/17 05/09/20

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Egyptian international bonds, USD bln 11.700 8.300 4.200 5.200 5.200 5.200 4.100
BIS net issues of international-bond market of emerging countries
International-bond net issue of Egypt, USD bln 3.300 4.200 1.000   0.000 1.000 -1.300

Currencies

Daily indices

Type: 21/02/18 20/02/18 19/02/18 16/02/18 15/02/18 14/02/18 13/02/18
Exchange Rates (Emerging Markets)
USD/EGP 17.6901 17.7004 17.6274 17.6396 17.6442 17.6984 17.6997
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Credit Risk Indicators

Daily indices

Type: 20/02/18 19/02/18 16/02/18 15/02/18 14/02/18 13/02/18 12/02/18
Default Probability
6M Default Probability Egypt 0.4800 0.4900 0.5000 0.5100 0.5100 0.5300 0.5300
1Y Default Probability Egypt 1.5300 1.5700 1.5800 1.6000 1.5700 1.6500 1.6200
2Y Default Probability Egypt 4.2300 4.3200 4.3400 4.3700 4.3600 4.5700 4.4800
3Y Default Probability Egypt 7.5200 7.6800 7.7000 7.7500 7.7100 8.1200 7.9600
4Y Default Probability Egypt 11.5300 11.7700 11.8000 11.8700 11.7700 12.4200 12.1800
5Y Default Probability Egypt 16.1200 16.4500 16.4800 16.5700 16.4400 17.3900 17.0600
7Y Default Probability Egypt 23.9200 24.3500 24.3700 24.4900 24.3100 25.6200 25.1800
10Y Default Probability Egypt 35.3300 35.8400 35.8600 36.0100 35.7800 37.3800 36.8600
15Y Default Probability Egypt 50.3300 50.8600 50.8800 51.0300 50.7900 52.4400 51.9200
20Y Default Probability Egypt 61.8700 62.3600 62.3800 62.5200 62.3000 63.8400 63.3600
30Y Default Probability Egypt 77.5500 77.9300 77.9400 78.0400 77.8800 79.0700 78.7000
CDS Interactive Data 
CDS 6M Egypt * * * * * * *
CDS 1Y Egypt * * * * * * *
CDS 2Y Egypt * * * * * * *
CDS 3Y Egypt * * * * * * *
CDS 4Y Egypt * * * * * * *
CDS 5Y Egypt * * * * * * *
CDS 7Y Egypt * * * * * * *
CDS 10Y Egypt * * * * * * *
CDS 15Y Egypt * * * * * * *
CDS 20Y Egypt * * * * * * *
CDS 30Y Egypt * * * * * * *
CDS Emerging markets (sov.) 
CDS 5Y Egypt mid * *   * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Egypt) 17.10 21.90 26.00 30.80 31.60 31.92 33.00
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Egypt) 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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150 000
issues: local and international bonds
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countries
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150 000
issues: local and international bonds
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countries
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