Good afternoon, folks. The news cycle has been calm so far this week — we’re hoping it holds steady, but with many international diplomatic activities set for the week, we’re worried it’s the calm before the storm.

THE BIG STORY TODAY-

📍 The Madbouly government postponed its first ever local sukuk issuance to next Monday, with settlement scheduled on the following day, after originally being pencilled in for this week, a senior government official told EnterpriseAM. The move marks the third time the sharia-compliant issuance has been postponed.

What is behind the delay? Officials in charge of arranging the issuance need more time to align and connect Central Bank of Egypt, Finance Ministry, and other involved entities’ technical systems so they can carry on with weekly issuances following its maiden issuance next week.

The forthcoming issuance is part of a wider sukuk program valued at EGP 50 bn — double the initial target planned for the fiscal year, as a government official told us last week. The first EGP 3 bn three-year tranche of the program will be a Ijara issuance — a leasing-based security — linked to assets owned by the Finance Ministry in the Red Sea Ras Shukeir area, our source from today told us.

Several banks are interested in subscribing to the first-of-its-kind issuance in the local market, according to our source. The Finance Ministry had been holding meetings with representatives from 15 banks in an attempt to further raise the program to EGP 200 bn by next June, our sources from last week told us.

THE BIG STORY ABROAD-

🌐 It’s a relatively calm afternoon in the global press, with two stories getting top billing:

Argentinian President Javier Milei secures victory: Argentina’s right-wing president led his party to a decisive victory in Sunday’s midterm elections, much to US President Donald Trump’s pleasure. Milei’s victory follows a campaign in which Trump announced a USD 40 bn bailout package for the country were Milei to remain in office. Earlier this month, the US president threatened to cut aid to the country in the event of Milei’s loss. (BBC | Guardian | Washington Post | Politico | Associated Press | New York Times)

MEANWHILE- US President Donald Trump lands in Tokyo: Trump’s visit to Japan comes as part of a week-long diplomatic trip throughout Asia during which the US president aims to secure a number of trade agreements, primarily with China, as both countries seek to reach a truce on tariffs. Trump was received with a “royal welcome,” meeting with Emperor Naruhito at the Imperial Palace in Tokyo shortly after arriving from Malaysia, where he laid the groundwork for several trade agreements. (CNN | NBC | New York Times | Reuters)

The US President is also set to meet with Japan’s newly-elected conservative Prime Minister Sanae Takaichi tomorrow, in what major media outlets are calling “her first and biggest test yet” as she endeavours to win over Trump and strengthen the relationship between the two countries. (Guardian | CNN | New York Times)

☀️ TOMORROW’S WEATHER- It’s going to be another warm day in the capital tomorrow, with the mercury set to peak at 31°C before cooling down to 20°C, according to our favorite weather app.

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