Egypt pushes EM revival further with more HY issuance

By Ross Lancaster
21 May 2020

Emerging market bond issuance, particularly from the Middle East, has been recovering after the brutal March shocks of Covid-19 and low oil prices. Egypt took that momentum further on Thursday as it announced a triple tranche trade.

The lion’s share of issuance from the region has been in the single-A band. Issuers such as Abu Dhabi, Saudi Arabia and Qatar have all won chunky order books for jumbo trades.

But deal flow has filtered down the credit spectrum. Bahrain (rated B+/BB-) 

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