Egypt's Debt Is No Longer EM's Juiciest Amid Rush to Buy

For the first time in more than a year, local-currency Egyptian bonds aren’t the highest yielding among major emerging markets tracked by Bloomberg. The average rate on the nation’s debt plummeted about 400 basis points since July, dragging the yield below that of Nigeria, whose multiple exchange rates have perturbed investors. Egypt is benefiting from high inflows after it allowed its currency to devalue last year and secured a $12 billion International Monetary Fund deal.

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