Easing Egypt Debt Risk Shows Investors Favoring El-Sisi Victory - Bloomberg:
"To gauge how Field Marshal Abdel-Fattah El-Sisi’s likely victory in this week’s Egyptian presidential election is winning over investors, look no further than the country’s creditworthiness.
The cost of insuring the nation’s debt fell to the lowest since July 2011 this month, according to data provider CMA. It was at 350 at the end of last week, about half its level in the run-up to the 2012 presidential race, in which the Islamist Mohamed Mursi beat 12 contenders into office.
Since Mursi was ousted July 3, the military-backed interim government has attracted billions of dollars in aid from the Persian Gulf and has promised reforms to cut the Middle East’s highest budget deficit and boost investment. Egypt’s default-swap contracts, now priced at about half for those of similarly-rated Pakistan, may signal improving investor sentiment and better prospects for the most populous Arab state to tap international capital markets."
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