Egyptian bonds tumbled after S&P gave a more pessimistic outlook on the country’s finances than the IMF, forecasting more currency depreciation and lowering its outlook to negative. USD bonds maturing in 2027 and 2032 dropped 7 cents and 3 cents, causing their yields to reach 20.2% and 17.6%. S&P predicted the local currency would decline by about 53% by the end of FY24, followed by a modest depreciation in the subsequent years. It estimated that over two-fifths of all revenue is channeled to interest payments, the third-highest ratio among the 137 sovereigns it rates globally, with around 70% of the government debt being domestic and in local currency.