Egypt Bonds Tumble as Tantawi Pledge Seen as a ‘Step Backward’
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Egypt’s benchmark dollar bonds slumped, sending the yield to the highest level since January, after concessions made by the country’s military rulers were rejected by protesters demanding a civilian government.
The yield on the government’s 5.75 percent bonds due 2020 climbed 11 basis points, or 0.11 percentage point, to 6.98 percent at 3:01 p.m. in Cairo. The yield soared 73 basis points in the previous two days. The cost of protecting the nation’s debt against default for five years rose nine basis points to 554 today, the highest level since March 2009.