Egyptian Credit Risk Falling to Lowest Since Protests
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Egypt’s credit risk is falling to the lowest level since anti-government protests began two weeks ago and international borrowing costs are dropping as the nation’s biggest political crisis in three decades eases.
The cost of insuring Egyptian sovereign debt declined 6.5 basis points from yesterday’s London close, to 338.5 as of 9:50 a.m., the lowest level since Jan. 25, according to CMA prices. The yield on Egypt’s 5.75 percent bond due in April 2020 gained 11 basis points to 6.3 percent, down 89 basis points from a record high of 7.2 percent on Jan. 31, data compiled by Bloomberg show.