Arab Finance: Citibank has lowered its recommendation for Egypt’s USD bonds issued in October to “marketweight” from an “overweight” recommendation given to them in 2023, Asharq Business reported.

“In contrast to our previously optimistic outlook, we now believe the situation has changed with a significant increase in interest rates expected over the next few months, with few signs of positive catalysts so far,” Citibank strategists stated in a note.

Nevertheless, the bank’s strategists refused to downgrade their recommendation for Egypt’s USD bonds to “underweight” at this stage, given the possibility of concluding a deal with the International Monetary Fund (IMF) to expand its $3 billion loan program.

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