Egypt’s local and hard‑currency debt has come under pressure since the outbreak of the Iran war, as regional risk aversion triggered capital outflows and heightened concern over short‑term funding needs. Since late February, Egypt has seen a sharp reversal in portfolio flows into its domestic debt market, which has contributed to currency weakness and higher yields at the short end of the curve. The sell‑off has been more pronounced than in many emerging‑market peers, reflecting Egypt’s sensitivity to energy prices, portfolio flows and regional trade disruptions, particularly through the Red Sea and Suez Canal.  [...]