Egypt CDS at 600

From Bloomberg,

Five-year credit default swaps declined 25 basis points, the most on a closing basis since June 1, to 600 at 3:02 p.m. in Cairo, according to data provider CMA.

Egypt yesterday started negotiations with the IMF for a $3.2 billion loan to support an 18-month economic-reform program that it will propose in the next few weeks, the country’s minister of planning and international cooperation Fayza Aboulnaga said.

The tightening comes after figures recently released by CMA show Egypt as the third-worst performing sovereign CDS during the fourth quarter of 2011.