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Egypt dollar bonds rally to 2-year high on Saudi investment plans
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Egypt dollar bonds rally to 2-year high on Saudi investment plans
Sep 22, 2024 5:02 AM

LONDON, Sept 19 (Reuters) - Egypt's sovereign dollar

bonds rallied to two-year highs on Thursday, Tradeweb data

showed, after the government said a planned $5 billion Saudi

investment was independent of the Gulf country's central bank

deposits.

The 2059 maturity gained the most, adding 1.35 cents to bid

at 77.60 cents on the dollar by 1310 GMT. The near-term

maturities were bidding as high as 99.52 cents.

Saudi Arabia had long-term deposits with the Central Bank of

Egypt (CBE) worth $5.3 billion as of Dec. 31, 2023, according to

CBE data.

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