Egypt: IMF/reform delays concerning but value remains
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Delays to FX liberalisation and privatisation plans continue to serve as roadblock to IMF funding
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Underlying reserves position alarmingly weak despite improved current account and more monetary/fiscal tightening needed
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With bonds in low 50s at longer end of curve there is limited downside; switch Buy recommendation from '32s to '48s
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.