The risk premium investors demand to hold Egypt’s dollar bonds rose for a sixth day to the highest level in eight months after the broadest opposition bloc said it will boycott parliamentary elections in April.
The spread between Egypt’s benchmark dollar-denominated bonds due April 2020 and U.S. Treasuries widened less than one basis point,(...) to 582, the highest since June 25,(...).
The benchmark EGX 30 stock index fell 0.6 percent, with 20 shares retreating. The National Salvation Front also rejected President Mohamed Mursi’s call for dialogue because the offer came after he unilaterally set dates for the lower house of parliament polls.
The political divide, underlined by regular street protests which have often erupted into violence, has thwarted efforts to revive the economy,(...).