Improving Fiscal Position To Cap Yields

Egypt's sovereign credit profile will continue to improve over the coming quarters, limiting the rise in yields brought on globally by higher US treasury yields in H215. The fruits of large-scale fuel subsidy reform are beginning to be realised and lower oil prices will also benefit the Egyptian economy. We expect yields will trade around the 5.0-5.5% level by the year-end, from 4.7% currently. Limited Upside Ahead Egypt - USD 2020 Bond Yield, % Source: Bloomberg, BMI Egypt's fiscal...

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