Egypt's sovereign dollar bonds rise as frontier market surge continues
Updated 7/5/2023 9:15:00 AM
Arab Finance: Egypt's sovereign dollar bonds garnered more than a cent on June 4th, as part of a larger rally that has bolstered international debt issued by frontier economies such as Pakistan and Ghana, Reuters reported, citing data from Tradeweb.
Longer-dated bonds maturing in 2033 and later gained the most, with the February 2048 bond rising more than 1.2 cents.
Egypt's bonds are benefiting from recent gains in other smaller and riskier emerging countries like Pakistan, where bonds have experienced significant gains as a result of the country's agreement with the International Monetary Fund (IMF), according to asset management East Capital's Emre Akcakmak.
"IMF and other creditors' involvement and major bond rallies in high-yield markets like Pakistan, Sri Lanka, Argentina and Ghana gave good reasons for investors to have a closer look at other high yielding markets like Egypt," Akcakmak said
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