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LONDON - Egypt's sovereign dollar bonds gained more than 1 cent on Tuesday amid a wider rally that has lifted international debt issued by frontier markets such as Pakistan and Ghana.
Longer-dated issues maturing 2033 and beyond rallied the most with the February 2048 bond up more than 1.2 cents, according to Tradeweb data.
Emre Akcakmak of asset manager East Capital said Egypt's bonds were benefitting from the tailwind of recent gains in other smaller and riskier emerging markets such as Pakistan, where bonds have notched big gains after the government struck a deal with the International Monetary Fund (IMF).
"IMF and other creditors' involvement and major bond rallies in high-yield markets like Pakistan, Sri Lanka, Argentina and Ghana gave good reasons for investors to have a closer look at other high yielding markets like Egypt," Akcakmak said.
(Reporting By Libby George, editing by Karin Strohecker)





















