Egypt pushes EM revival further with more HY issuance

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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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