{"id":684455,"date":"2026-03-05T00:00:00","date_gmt":"2026-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=684455"},"modified":"2026-03-11T10:13:29","modified_gmt":"2026-03-11T10:13:29","slug":"fiscal-pressures-mount-for-egypt-as-cds-levels-rise","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/05\/fiscal-pressures-mount-for-egypt-as-cds-levels-rise\/","title":{"rendered":"Fiscal pressures mount for Egypt as CDS levels rise"},"content":{"rendered":"

Good morning,<\/strong> friends. <\/strong>The situation in Egypt remains calm as week one of the conflict in the Gulf limps to a close. We don\u2019t know about you, but we\u2019re really looking forward to the weekend \u2014 and we hope all of you (and all of your family and friends) are safe, wherever they are.<\/p>\n

The big news this morning: We got a USD 2.3 bn injection from the IMF.<\/strong> It\u2019s the latest disbursement under a USD 8 bn assistance program we lined up after the float of the EGP, and it couldn\u2019t come at a better time. The EGP was stable yesterday after breaking the EGP 50 barrier against the greenback earlier in the week, and there are still zero signs that the parallel market is clawing its way back to life. <\/p>\n

MEANWHILE- Officials are working on possible budget scenarios <\/strong>as the deadline for the Finance Ministry to submit to the House of Representatives its plan for 2026-2027 inches closer. And we\u2019re putting out feelers to the IMF and other international partners to understand what assistance might be on offer from global institutions in the event the war in the Gulf stretches on. <\/p>\n

^^ We have the rundown on all of that and more in this morning\u2019s news well, below. <\/p>\n

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Watch this space<\/p>\n

<\/a> DEBT WATCH \u2014 Investors are getting a bit edgy as the war in the <\/strong>Gulf drags on<\/strong>, with five-year credit default swaps for Egyptian government debt inching up to 344.7 bps on 3 March, according to a report by Cbonds seen by EnterpriseAM. The 344.7 bps figure is up from 323.38 bps, the report says, making it a new three-month high. That\u2019s modest, but we\u2019re watching the direction here: Think of a CDS as the cost of insuring debt against a default, with an uptick signaling that investors see a rise in risk that the government might not be able to repay its debt. The yield-to-maturity on five-year debt is also ticking up slightly, signaling investors are demanding a higher risk premium there, too.<\/p>\n

It\u2019s not just us:<\/strong> With the USD near a five-week high and Brent crude trading above USD 80 \/ bbl, swaps on other emerging and frontier market debt are also getting a bit costlier. The UAE, Qatar, and Turkey all saw their CDS levels reach three-month highs on 3 March, according to the report.<\/p>\n

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<\/a> IPO WATCH \u2014 The Sovereign Fund of Egypt is looking for an investment bank to <\/strong>quarterback the <\/strong>upcoming IPO of Misr Life Ins.<\/strong>, according to a statement<\/a> from the Investment Ministry. The news comes as Misr Life is expected to list a 20% stake; it landed a temporary listing on the EGX earlier this week<\/a>. Pitches are due on Sunday<\/strong> and shortlisted banks will need to submit full technical and financial bids by Wednesday, 18 March.<\/p>\n

***<\/strong><\/p>\n

WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses<\/strong>.
***<\/strong><\/p>\n

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<\/a> <\/p>\n

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WAR<\/strong> WATCH \u2014 It seems US<\/strong> Assistant Secretary for Consular Affairs Mora Namdar\u2019s call <\/strong>to <\/strong>\u201c<\/strong>depart now<\/a><\/strong>\u201d from Egypt isn\u2019t official State Department policy<\/strong> \u2014 at least not anymore. Foggy Bottom is out with a new statement<\/a> listing Egypt as the country with the lowest risk level in the region \u2014 level 2: exercise increased caution. \u201cEgypt remains at Level 2 reflecting that our overall assessment of the security situation there has not changed at this time.\u201d<\/p>\n

It\u2019s not going down well with American expats here: <\/strong>\u201cThe concern from family and friends was overwhelming beginning at 2am, expecting [us to give them] return flight details,\u201d an American working for an international company told EnterpriseAM.<\/p>\n

MEANWHILE- Is Apache pulling staff out of Egypt? <\/strong>Cairo is awash in rumors that Apache Corporation, a longtime fixture of Egypt\u2019s oil and gas industry, has pulled staff out of the country. Apache comms and security staffers did not return our calls yesterday asking for comment. <\/p>\n

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FACT CHECK<\/strong> \u2014 <\/strong>The <\/strong>Oil Ministry has <\/strong>denied<\/a><\/strong> reports that the Russian LNG tanker that <\/strong>sank in the Mediterranean was bound for Egypt.<\/strong> Moscow has accused Ukraine of attacking the vessel and sinking it between Libya and Malta.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

** DID YOU KNOW that we cover <\/strong>Saudi Arabia<\/a><\/strong>, the <\/strong>UAE<\/a><\/strong> and the <\/strong>MENA-India<\/a><\/strong>Corridor<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

\n

Data point<\/p>\n

<\/a> USD 52.8 bn \u2014 that\u2019s Egypt\u2019s net foreign reserves at the end of February<\/strong>, increasing by USD 152 mn from January to continue a record-breaking streak that has seen reserves grow by more than USD 1.3 bn since the start of the year, according to the latest data (pdf)<\/a> from the Central Bank of Egypt. <\/p>\n

Gold holdings drove the surge<\/strong>, adding USD 772 mn to their value to reach USD 21.5 bn \u2014 now 41% of the total basket. SDRs rose by USD 393 mn to reach USD 556 mn, more than offsetting a USD 1 bn slip in FX, which ended the month at USD 30.7 bn.<\/p>\n

\n

PSA-<\/p>\n

WEATHER- The chilly Ramadan nights are still with us in Cairo today<\/strong>, with a high of 22\u00b0C and a low of 11\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s slightly colder in Alexandria<\/strong>, with a high of 20\u00b0C and a low of 10\u00b0C.<\/p>\n

And over the weekend<\/strong>, Cairenes and our friends on the Mediterranean should expect similar conditions.<\/p>\n

\n

The big story abroad<\/p>\n

US President Donald Trump is <\/strong>\u201cactively considering\u201d<\/a><\/strong> his administration\u2019s role in Iran <\/strong>after the war<\/strong>, as the Senate turned down a resolution geared toward limiting his military operations in the Islamic Republic. It is not yet clear what this role will be upon the completion of the campaign, which is going \u201cvery well,\u201d Trump said.<\/p>\n

The war in the region has thrown a <\/strong>wrench in the policymaking<\/a><\/strong> of central banks<\/strong>, which must now reckon with resurgent inflation risks and soaring crude prices. Asian economies remain especially vulnerable, as most crude shipped via the Strait of Hormuz is Asia-bound. <\/p>\n

MEANWHILE- <\/strong>China has penciled in<\/a> growth of 4.5-5% for 2026, a step down from last year\u2019s 5% and its most modest growth target in more than three decades. <\/p>\n

AND- <\/strong>Apple announced<\/a> its most affordable laptop ever \u2014 the MacBook Neo. The lightweight device is the company\u2019s first low-cost offering in more than a decade, with prices starting at USD 599.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. The situation in Egypt remains calm as week one of the conflict in the Gulf limps to a close. We don\u2019t know about you, but we\u2019re really looking forward to the weekend \u2014 and we hope all of you (and all of your family and friends) are safe, wherever they are. The […]<\/p>\n","protected":false},"author":1,"featured_media":684456,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[102,7106,72,9030,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-684455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-capital-markets","tag-debt","tag-enterpriseam","tag-ipo","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4edf8f37-d43e-49ef-ab2c-d5a89e13df1a","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/3\/303.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The window for affordable sovereign financing may be narrowing","related_issue":[684453],"teaser":""},"yoast_head":"\nFiscal pressures mount for Egypt as CDS levels rise - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/05\/fiscal-pressures-mount-for-egypt-as-cds-levels-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiscal pressures mount for Egypt as CDS levels rise\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. The situation in Egypt remains calm as week one of the conflict in the Gulf limps to a close. We don\u2019t know about you, but we\u2019re really looking forward to the weekend \u2014 and we hope all of you (and all of your family and friends) are safe, wherever they are. 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We hope you had as relaxing a weekend as we did. Depending on how you see things, there are seven more weekends left in summer. Oh, and be ready for a long weekend this coming weekend as we observe the 23 July Revolution a week from today.\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":684312,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/04\/egp-steadies-following-usd-2-3-bn-imf-inflow\/","url_meta":{"origin":684455,"position":1},"title":"EGP steadies following USD 2.3 bn IMF inflow","author":"enterpriseam admin","date":"4 March 2026","format":false,"excerpt":"Good afternoon, friends. It\u2019s another busy day in the press, and the news cycle isn\u2019t showing any signs of slowing down. At home, we\u2019re taking a look at how the EGP is faring. THE BIG STORY TODAY- \ud83d\udccd The EGP held steady in midday sessions following several days of steep\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/3\/256.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":669535,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/04\/egp-continues-to-rise-against-greenback\/","url_meta":{"origin":684455,"position":2},"title":"EGP continues to rise against greenback","author":"enterpriseam admin","date":"4 August 2025","format":false,"excerpt":"Good afternoon, friends. It\u2019s a relatively calm day on the news front, and we\u2019ve got a brisk issue for you today.THE BIG STORY TODAY- The EGP extended its rally against the greenback today for the second consecutive week \u2014 with only a brief two-day pause, as the USD attempted to\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/2\/1979.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622861,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/what-were-tracking-on-15-october-2018\/","url_meta":{"origin":684455,"position":3},"title":"What we\u2019re tracking on 15 October 2018","author":"enterpriseam admin","date":"15 October 2018","format":false,"excerpt":"** #5 Our friends at Sarwa Capital will ring the bell at the EGX this morning as their shares make their bourse debut, opening at EGP 7.36 each under the ticker SRWA. A stabilization fund is at work for the first month of trading. Beltone was sole global coordinator and\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652185,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/03\/what-were-tracking-this-week-214\/","url_meta":{"origin":684455,"position":4},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"3 January 2017","format":false,"excerpt":"The Emirates NBD Egypt PMI by Markit is due out tomorrow morning by 6:15am or so. The Saudi and UAE PMIs are due out at the same time.Strong reserves report expected: The central bank is expected to tell us by Thursday how much reserves were in its coffers at the\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651730,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/20\/what-were-tracking-on-20-february-2017\/","url_meta":{"origin":684455,"position":5},"title":"What we\u2019re tracking on 20 February 2017","author":"enterpriseam admin","date":"20 February 2017","format":false,"excerpt":"We\u2019re below EGP 16 to the greenback: The EGP has strengthened to a three-month high with the central bank reporting that banks were buying greenbacks at an average rate of EGP 15.7576 per USD 1 yesterday. 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