Pre-Trading Thoughts

The cost of insuring Egypt's 5-year sovereign debt increased by more than 200 bps during the last two weeks, to record 15.6%, as well as the cost of insuring one-year debt rose to 11.2%, compared to 8.7% during the same period. The yield on Egypt’s dollar-denominated bonds, reached 18.7%, compared to 16.9% on August 8. The USD/EGP settled in non-deliverable futures contracts for a year at 40.77 and 40.96, and for the 3 months contracts, it settled at 33.34-33.37.Companies will now be ab...