Egypt’s eurobond plans come as issuances in the Middle East are spiking, FT says

Egypt’s eurobond plans come as eurobond issuances in the Middle East are on the rise, currently accounting for 27% of all sovereign debt sales in emerging markets, according to the Financial Times. This is a marked departure from the region’s eurobond activity back in 2016, when the Middle East accounted for “less than one-tenth of EM supply,” the FT says. The salmon-colored paper makes no mention of Egypt, as the increased issuances appear to come as dropping oil prices have net exporting countries scrambling to fill their financing gaps with debt. Analysts expect the trend to be sustained for the foreseeable future, with a chunk of Qatari debt maturing next year and Saudi Arabia’s budget deficit expected to widen.