(Corrects scale of devaluation to 32.3 percent from 47.7 percent)
LONDON, Nov 3 (Reuters) - Egypt's dollar bonds rallied across the curve on Thursday, with some issues rising around 2 cents after the country floated its currency, the pound.
The move devalued the pound by 32.3 percent to an initial guidance level of 13 pounds to the dollar. It was accompanied by an interest rate increase of 3 percentage points, following weeks of turbulence. Tradeweb data showed Egypt's 10-year government bond issued last year
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up 2.2 cents in the dollar while 2020
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and 2040 maturing bonds
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rose and 0.7 and 2 cents respectively.
Egypt's average yield premium over U.S. Treasuries shrank by 29 basis point on the EMBI Global bond index to 479 bps, the narrowest in almost a month .
(Reporting by Marc Jones; editing by Sujata Rao) ((marc.jones@thomsonreuters.com; +44)(0)(207 542 9033; Reuters Messaging: marc.jones.thomsonreuters.com@reuters.net Twitter @marcjonesrtrs))
LONDON, Nov 3 (Reuters) - Egypt's dollar bonds rallied across the curve on Thursday, with some issues rising around 2 cents after the country floated its currency, the pound.
The move devalued the pound by 32.3 percent to an initial guidance level of 13 pounds to the dollar. It was accompanied by an interest rate increase of 3 percentage points, following weeks of turbulence. Tradeweb data showed Egypt's 10-year government bond issued last year
Egypt's average yield premium over U.S. Treasuries shrank by 29 basis point on the EMBI Global bond index to 479 bps, the narrowest in almost a month .
(Reporting by Marc Jones; editing by Sujata Rao) ((marc.jones@thomsonreuters.com; +44)(0)(207 542 9033; Reuters Messaging: marc.jones.thomsonreuters.com@reuters.net Twitter @marcjonesrtrs))
