Investors are “rushing” to snap up structured notes tied to Egypt: Bloomberg’s Viren Vaghela says investors are “rushing” to hold structured notes tied to Egypt following the EGP float. Citigroup issued all of the recorded credit-linked notes this month, raising a total of EGP 2.3 bn, the most for a single month on record, according to data compiled by Bloomberg. Aberdeen Investment Management says it has returned to investing in Egypt with an investment manager saying “the country’s fundamentals remain challenging but we decided to start investing into local currency instruments again … Our investment strategy is very opportunistic and cautious as the market is very choppy and illiquid.” Bilal Khan, MENAP senior economist at Standard Chartered, was more bullish: “The staff report from the IMF suggests things are heading in the right direction for Egypt … Given the large recent depreciation of the pound coupled with high yields I would expect further flows to the domestic debt market this year.”

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