Egypt
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Sukuk from Egypt, priced on Tuesday, have proved just as popular in the secondary market as it was in syndication -
African sovereign 'always' finds big demand, said one observer
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Yields are far, far lower than when Egypt last printed in the format
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Financing will be used to build out infrastructure
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Three high yield trades on Tuesday drew healthy demand
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Not long ago five year bonds yielded over 20% and investors were worried about debt distress
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Borrower signs seven year deal to refinance short term maturities
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Yields on Egypt bonds have returned to the 10% area that can allow primary market access
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Egypt and Tunisia are in a stickier state than Kenya but investors expect them to survive near-term
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Sovereigns have managed to source other financing while bond markets have closed to them
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Sovereign’s debt has traded at distressed levels this year but bonds have rallied
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Japanese investors are keen on investment grade rated African debt
