Foreigners Are Back to Gobble Up Egypt’s Local-Currency Debt
- Overseas investors bought 100% of five-year bonds on Monday
- Egypt offers one of the highest yields in emerging markets
Pedestrians pass among market stalls in Cairo.
Photographer: Sima Diab/BloombergThis article is for subscribers only.
It appears foreign investors can no longer resist the allure of some of the juiciest yields in emerging markets.
In debt auctions held this week, they bought 30 percent of Egyptian local-currency Treasury bills and more than half of longer-dated bonds, the Ministry of Finance said in a statement on Tuesday. They acquired all of the five-year securities sold a day earlier, in what the ministry labeled a clear sign of confidence in the country’s economy.