The decline of the Egyptian dollar bonds to a new record

Tradeweb data reported that Egyptian sovereign dollar bonds A new low was seen on Wednesday, with longer-dated bonds dropping as much as 1.3 cents in the dollar to hit a new record.

The data showed that bonds due in 2040 fell 57.581 cents in the dollar, while many other issues were traded with declines between 60 and 65 cents.

Bonds issued by Egypt, which is heavily dependent on capital inflows, have come under pressure since the war in Ukraine cut wheat supplies and pushed up food prices.

The price of the Egyptian pound fell again today, Wednesday, to 18.82 pounds to the dollar, its lowest level in 5 years. The pound has lost more than 16% of its value since the beginning of the year.