Egypt’s int’l bonds gain as ceasefire deal offers geopolitical relief

International government bonds issued by Egypt saw an increase on Wednesday following the announcement of a ceasefire agreement between Israel and Hamas. Egypt’s 2059 bond rose by more than 1 cent, last bid at 75.126 cents, according to Tradeweb data.

Michael Brown, senior research strategist at Pepperstone in London, noted that the ceasefire deal “reduces geopolitical risk to a degree, though the question now is how long the ceasefire holds for,” He also mentioned that the news had already been largely factored into the markets.

The ceasefire agreement targets ending the ongoing conflict in Gaza after 15 months of fighting that has claimed tens of thousands of Palestinian lives and further destabilised the region.

Attribution: Reuters