Pre-Trading Thoughts

Amid the devastating Israeli war on Gaza, the IMF is considering expanding Egypt's USD3 billion loan program by an unspecified amount. Egypt is preparing to repay USD-denominated Eurobonds tomorrow, Monday, worth USD500 million, which were issued in 2019 for a period of 5 years, with a coupon interest of 4.5%. Egypt's five-year CDS rates retreated to 14.12% compared to 15.58% recorded on 10 November. The Supply Ministry has tapped into its reserves to help fill the gap in sugar supply that pu...