Egypt continues to stand out among emerging markets as the country gets ready for its eurobond issuance in January. First off, the EGP has been among new “exotic” currencies attracting EM fund managers breaking from “big name” EM currencies such as the Mexican peso and the Brazilian real, notes Reuters. Investors with currency exposure to Egypt have grown from 2.53% in the 2Q2016 to 45.3% in the same quarter this year, according to data from research firm eVestment. It joins other so-called exotic currencies including Uruguay’s peso and the Czech koruna, both of which are also now in favour with EM investors these days, the newswire reports.

Key here: “While fund managers are diversifying — and some said they are taking a bit of risk off the table after a profitable 2017 so far — none of the 13 interviewed said they expect to see emerging market currencies bull run come to an end soon.”

Egyptian bonds saw the third-largest foreign inflows in emerging markets this year at USD 12.9 bn, according to data from Deutsche Bank which ran in Bloomberg. The money quote: “The overseas share of bond holdings surged to 27 percent from just one percent at the end of last year.” All in all, this is looking good for the state eurobond program in 2018.