Egypt hard-currency bond spreads blow out to fresh record
- Date: 06-Jul-2022
- Source: Zawya
- Sector:Financial Markets
- Country:Egypt
Egypt hard-currency bond spreads blow out to fresh record
LONDON - Spreads of Egypt sovereign hard-currency bonds over safe-haven U.S. Treasuries blew out to a fresh record high of 1,042 basis points, data from JPMorgan's EMBI Global Diversified fixed income benchmark showed on Tuesday.
Overseas notes issued by Egypt - one of the countries with the greatest external vulnerabilities due to its reliance on capital flows - have come under pressure since the war in Ukraine has drained wheat supplies and sent food inflation soaring.
(Reporting by Karin Strohecker; eitong by Rodrigo Campos)