off-the-wire

Egypt's dollar-denominated government bonds tumble - Tradeweb data

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, April 12 (Reuters) - Egypt's dollar-denominated government bonds fell on Wednesday, sharply underperforming another emerging market paper with the benchmark issue maturing in 2025 dropping more than 2.2 cents, Tradeweb data showed.


Egypt, which secured a $3 billion financial support package from the International Monetary Fund in December, is struggling with surging inflation, foreign currency shortages and persistent import delays.


It has devalued the Egyptian pound by half since March 2022. On Wednesday the currency trading 0.31% lower against the dollar despite a softening of the dollar index.
(Reporting By Libby George and Rachel Savage; editing by John Stonestreet)

Messaging: libby.george@thomsonreuters.com))
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