LONDON - The cost of insuring exposure to Egypt's hard-currency debt narrowed to its lowest since April 2022, data from S&P Global Market Intelligence showed on Thursday.

The indebted North African nation's bonds have also rallied after the government announced a $24 billion investment deal with the United Arab Emirates on Friday.

On Thursday, Egypt's upfront 5-year credit default swap narrowed to 18 basis points, down from 29 basis points a week earlier. Its conventional CDS stood at 586.54, also the lowest since April 2022.

(Reporting By Libby George, editing by Karin Strohecker)