Egypt dollar bonds extend losses after weekend protests

Egyptian dollar bonds issued by the government extended losses for a second day on Tuesday in the wake of protests in Cairo and other cities over the weekend.

Longer-dated issues fell the most, with the 2047, 2048 and 2049 issues all falling more than 1 cent to reach their lowest point in around a month, according to Refinitiv data.

In non-deliverable forward (NDF) markets, the Egyptian pound weakened for a second day against the US dollar, with one-year NDFs pricing the pound at 18.51 to the dollar, versus a spot exchange rate of 16.32 pounds.

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