"Egypt’s benchmark bond yield headed for the biggest drop on record and stocks surged after the army deposed President Mohamed Mursi in a move it said aimed to restore stability. The nation’s credit risk plunged.
The yield on the 5.75 percent bonds due in April 2020 tumbled 148 basis points, or 1.48 percentage points, the most since the notes were sold in 2010, to 9.29 percent at 3:47 p.m. in Cairo, data compiled by Bloomberg show. The EGX 30 Index of stocks rallied 7.3 percent, the biggest jump since June 25, 2012, the first trading day after Mursi was declared Egypt’s first democratically elected president. Commercial International Bank Egypt SAE led the gains, surging 10 percent."
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