A $22 Billion Bond Spree Sees Egypt Dominate Africa Peers: Chart
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Egypt has been by far Africa’s most prolific issuer of Eurobonds since the start of 2017, selling more than $22 billion of securities. That’s more than the combined issuance of Nigeria and South Africa, the continent’s biggest economies. The most populous Arab nation has turned itself into an emerging-market darling since a sweeping reform program in late 2016, which included a major currency devaluation and entering a $12 billion bailout program with the International Monetary Fund.