Egypt has carried out an auction of long-term sovereign debt for the first time since the civil unrest removed President Mubarak from office, as it looks to rebuild credibility in the capital markets. And the investor reaction: the north African country is safer than Greece, Ireland or Portugal.

Yesterday's auction of £308m two-year Treasury bonds marked Egypt's return to the long-term sovereign debt market after auctions halted when civil uprisings enveloped the country in January. The country has since relied on auctions of short term debt, with a maximum maturity of one year.