Egypt Bond Yields Jump to 5-Week High as Death Toll Rises
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Egypt’s benchmark government bonds slumped for a second day, sending yields to a five-week high, as the death toll from a government crackdown on protesters climbed to almost 600. The nation’s default risk increased.
The yield on the 5.75 percent dollar-denominated notes maturing in April 2020 rose 22 basis points to 9 percent at 9:05 p.m. in Cairo, the highest on a closing basis since July 9 and taking the two-day surge to 68 basis points. Credit default swaps, contracts insuring the nation’s debt, have jumped 45 basis points in two days to 795, according to CMA data. The stock exchange was shut today after the central bank ordered banks to close.