Egypt will have to develop an effective derivatives market before international issuers can sell bonds denominated in Egyptian pounds.
This is the conclusion of David Clark, head of funding (non-euro) at the European Investment Bank, after the bank’s first synthetic Egyptian pound issue last month, which it sees as a stepping stone on the way to locally denominated debt.
The EIB sold a two-year E£300 million ($53 million) synthetic Egyptian pound bond that carries a coupon of 6.5%,
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