The secondary market likes Egypt’s eurobonds, trading tighter

Egypt’s eurobonds are doing well on the secondary market: Yields on the eurobonds Egypt sold last month have tightened by 0.5-0.6% since issuance, according to BNP Paribas’ weekly debt capital markets report. This reflects tangible appetite on the secondary market as well as liquidity. The report also shows that Egypt’s eurobonds are trading tighter, with narrow bid-ask spreads, than Tunisia’s issuances despite the three-notch credit ratings differential in favour of Tunisia. They are also trading tighter than other African sovereigns including Ghana, Kenya, Angola, and Ethiopia.