Bifunctional catalyst comprising phosphorous

A bifunctional catalyst comprising a ZSM-5 or ZSM-11 zeolite, an alumina binder, Zn and P, wherein the Zn and P is present throughout the catalyst in both the binder and the zeolite, the catalyst has a total Zn content of more than 7 wt %, at least 95% of the Zn in the binder is present as ZnAl2O4 and the molar amount of Zn present in the binder phase as ZnO is less than 5% relative to the total amount of Zn present in the binder, the molar ratio of Zn/P is greater than 1, the alumina binder is a pure alumina binder or an alumina-based binder comprising mixtures of aluminum oxide and aluminum hydroxide and/or silica alumina, and wherein the Zn in the alumina binder is fully or partly spinelized.