Egyptian sovereign dollar bonds experienced a rise of more than a cent after the International Monetary Fund indicated progress in agreeing on the basic policy components of an economic reform program with the Egyptian government.
This suggests a nearing final agreement to increase the size of a three-billion-dollar loan. The largest gains were observed in banknotes due in 2027, which increased by 1.2 cents to trade at 77.29 cents to the dollar, reports Al-Jarida daily.
Egyptian sovereign dollar bonds rose by more than a cent today, Friday, after the International Monetary Fund said that it had agreed with the government on the basic policy components of an economic reform program, in an indication that a final agreement is approaching to increase the size of a loan worth three billion dollars.
Tradeweb data showed that banknotes due in 2027 witnessed the largest gains, rising by 1.2 cents to trade at 77.29 cents to the dollar.