Egypt’s international bonds surge following Israel-Hamas ceasefire agreement

International government bonds issued by Egypt increased on January 15th after Israel and Hamas reached a ceasefire agreement, according to Reuters.

The country’s 2059 bond went up over 1 cent, whereas the last bid stood at $0.75, Tradeweb data showed.

Additionally, the Egyptian pound was slightly changed.

Similarly, international bonds issued by other Middle Eastern countries also rallied following the agreement.

Israel's 2043 bond rose more than 1 cent to trade at $0.82, while Jordan's 2047 bond jumped by nearly 2 cents to $0.89.

As for the Israeli shekel, it climbed by 0.8% against the dollar to its strongest in a month.

Michael Brown, senior research strategist at Pepperstone in London, noted that the Gaza ceasefire “reduces geopolitical risk to a degree, though the question now is how long the ceasefire holds for."

© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).