Pre-Trading Thoughts

Egypt received an additional USD5 billion as the final part of the first tranche of the USD35 billion Ras El-Hekma deal with the United Arab Emirates on Friday, the Egyptian Cabinet said. Egypt repaid USD-denominated Eurobonds worth USD750 million, which it offered on February 26, 2019, with a coupon of 6.2%. The government received USD520 mn as part of the USD800 mn sale of the seven historic hotels. Fitch Ratings thinks that the agreement will “significantly improve” Egypt’s external financ...