Egypt Yields Climb to Record as Fitch Cuts Outlook on Unrest

Egypt’s dollar bonds fell, pushing yields to record highs, as protesters trying to force President Hosni Mubarak to step down clashed with security forces and Fitch Ratings said it may cut the nation’s credit rating.

The slump in bonds due 2020 pushed the yield up 47 basis points to 6.78 percent as of 5:19 p.m. in London, taking this week’s increase to 106 basis points, or 1.06 percentage point. That’s the biggest jump in the yield in any week since the bonds were sold in April, according to data compiled by Bloomberg. The yield on the government’s bonds due 2040 climbed 26 basis points to a record 7.533 percent. Egyptian global depositary receipts traded in London fell.