CAIRO - 1 February 2024: The pessimism surrounding Egypt's dollar-denominated bonds is deemed exaggerated, according to global investment banks Goldman Sachs and Pictet Asset Management. In January, Egypt's dollar-denominated bonds witnessed a 1.7 percent decrease, marking their worst monthly performance since August. These countries, which were largely excluded from accessing international debt markets earlier, are now showing positive momentum in their hard currency bonds. Egypt is required to repay around $3.3 billion worth of dollar-denominated bonds in 2024, with the first installment due in March. Barton stated that Pictet, managing assets valued at over $265 billion, rules out any sovereign debt default in emerging markets this year.

Source: Libya Today February 01, 2024 11:50 UTC