Egypt’s dollar-denominated sovereign bonds rose, posting some of the biggest gains in emerging markets amid optimism that the country will benefit from Trump’s return to the US presidency and a ceasefire agreement in Gaza.
The bonds due in February 2048 rose for a sixth straight day, reaching their highest level since December 12.
9 other Egyptian bonds also appeared among the top 20 performers on the day in the Bloomberg Emerging Markets Large & Mid Cap Total Return Index (EMT).
Research institutions at banks and international institutions have forecast the dollar price against the pound during the current year between 47.7 and 55.8 pounds.
One-year pound futures were trading at around 59 per dollar, the level expected by analysts who met with Goldman Sachs officials during their recent visit to Cairo.
But the US bank said it was optimistic that the pound had room to rise from its current levels due to limited foreign buying positions in local debt, allowing for more inflows.
The government's access to international markets has also improved, with the World Bank expecting it to issue about $12 billion over the next two fiscal years, in addition to the $5.5 billion expected to be issued this year.
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