Egypt
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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
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Sovereign will have to look outside of conventional bonds for cheaper funding
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Meanwhile, Egypt is nearing its own IMF deal but should not need to restructure its debts
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The north African country thought to have no access to international debt capital markets
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CBoM follows Nigeria and Egypt in trading below reoffer as US Treasuries sell off
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EM sovereign's dollar deal could reach $4bn
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A market that has in previous years promised much but delivered little seems finally to be growing thanks to sovereign issuance
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African Export-Import Bank launched a dual tranche dollar bond on Monday morning, with orders exceeding $3bn by midday. Emerging market bank issuers have been especially active in recent month thanks to attractive credit conditions.
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A consortium of international lenders is funding the development of Egypt’s largest solar plant.
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Three African issuers entered debt markets this week and raised cash at competitive levels, despite a difficult external backdrop of debt relief in the region and continued US rates weakness.
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Egypt and the Ivory Coast sold bonds on Monday that were heavily oversubscribed and offered little to no new issue concession. The trades, sources said, were evidence that volatility in global markets has had little impact on high yielding debt — though questions linger around investment grade EM issuance.
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The Arab Republic of Egypt entered the international bond market on Monday to sell a Reg A/144A multi-tranche dollar deal. Some participants are calling the 40 year tranche “ambitious”, as they say investor demand for duration has been weakening.
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UK Export Finance, the UK's export credit agency, has provided its largest ever overseas infrastructure guarantee to support the construction of two new monorails in Egypt. JP Morgan is leading a group of commercial lenders in providing the funding.
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Emerging market bond investors have started the year in bullish spirits, market participants said, despite rising in Covid-19 infections across Europe. Investors' thirst for yield means the market is open to all issuers, bankers believe.
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Egypt, which has already entered international debt markets twice this year, is on its way to debuting in the sukuk market following cabinet approval for an Islamic financing bill. The sovereign raised its debut syndicated loan in September that included an Islamic tranche, which bankers said was a fitting prelude to a sukuk.