Egypt: Fixed income implications of US$35bn FDI deal

  • US$24bn of fresh FX inflows likely pave the way for more orderly FX devaluation and finalization of IMF negotiations

  • Longer-term impact mixed; imported inputs will weigh on current account & megaproject-driven growth model is solidified

  • Upside now largely priced in for eurobonds after four-day rally of c17.5%; downgrade '48s from Buy to Hold
February 26th, 2024
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