Egypt
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Three high yield trades on Tuesday drew healthy demand -
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
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Bookrunner hails borrower’s “outstanding” result versus its regular curve despite pricing north of 10% barrier
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Last year's emerging market sell-off meant Egypt lost access to the primary bond market
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Egypt would be the first B rated issuer to print a Panda bond
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Egypt is mulling a Panda debut but its traditional investor base may also be receptive to a deal
