Egypt’s sovereign dollar bonds hit two-year high

Egypt’s sovereign dollar bonds rallied as much as 1.5 cents on Tuesday, reaching their highest levels since early 2022, Tradeweb data showed.

Tradeweb data showed one of the government’s bonds due for repayment in 2047 leading the rally, up 1.6 cents at $79.72 as of 10:44 GMT, the highest since May.

Nearly all the country’s international bonds surged, with the 2027 maturity trading at their highest since early 2022.

On Monday, the country’s $1.5 billion bond due in February 2061 hit 72 cents on the dollar, the highest in at least four months, according to data compiled by Bloomberg.

Attribution: Amwal Al Ghad Arabic, Reuters, Bloomberg