{"id":543388,"date":"2022-01-31T03:50:50","date_gmt":"2022-01-31T03:50:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/were-looking-to-join-euroclear-during-2h2022-another-round-of-green-bonds\/"},"modified":"2022-01-31T03:50:50","modified_gmt":"2022-01-31T03:50:50","slug":"were-looking-to-join-euroclear-during-2h2022-another-round-of-green-bonds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/were-looking-to-join-euroclear-during-2h2022-another-round-of-green-bonds\/","title":{"rendered":"We\u2019re looking to join Euroclear during 2H2022 + Another round of green bonds"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>We likely won\u2019t join Euroclear until 2H2022:<\/strong> Local Egyptian debt probably won\u2019t be made \u201cEuroclearable\u201d until the second half of 2022 due to an unresolved \u201ctechnical point\u201d between the government and the Belgium-based clearinghouse, Finance Minister Mohamed Maait told CNBC Arabia (<a href=\"https:\/\/bit.ly\/3ubEm1n\">watch, runtime: 5:26<\/a>).<\/p>\n<p><strong>Why is Euroclear a big thing for us?<\/strong> Having local debt cleared in Europe will make EGP bonds more accessible to foreign investors, who can currently only access the market through a small number of local banks. Making it easier for foreign funds to invest should translate into greater inflows into Egyptian debt.<\/p>\n<p><strong>A long time coming:<\/strong> The government has been working to meet Euroclear\u2019s conditions since <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/20\/egypt-signs-agreement-with-euroclear\/\">signing the initial agreement<\/a> back in 2019. The ministry was originally expecting <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/95e658a0-969e-43ad-84b1-5ad3188839e2\">a final agreement in 4Q2021<\/a>, which was then <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77f1fef1-7022-4da7-a44e-d3ae01256eac\">pushed<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77f1fef1-7022-4da7-a44e-d3ae01256eac\">into early 2022<\/a> as talks dragged on.<\/p>\n<p><strong>The hitch?<\/strong> Possibly the withholding tax on government debt, according to Euroclear\u2019s head of global capital markets, Sudip Chatterjee, who <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0e5466b-73a0-41bd-99f5-6d720b326c7e\">said last year<\/a> that the way Egypt calculates the tax needs to be brought in line with international norms. Egypt has fulfilled the remainder of the clearinghouse\u2019s requirements, Maait said, which included <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c31d5b0-7df8-4820-8d29-6d2de7a51ea0\">setting up a central securities depository<\/a> in addition to a number of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08d2d325-ed33-45ea-aed8-f22a00d47f86\">technical, logistical and administrative<\/a> terms.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Green bonds, round 2: <\/strong>The Finance Ministry is looking to take to the green bond market for a second time with another USD 750 mn issuance, Maait told CNBC.<\/p>\n<p><strong>There\u2019s no word on when the sale could go ahead:<\/strong> Maait said that consultations are still ongoing regarding the timing of the sale. Egypt debuted sovereign green bonds in the MENA region in 2020 with a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d1b54d5-5efa-41c9-ac8b-728b105b2ef0\">USD 750 mn issuance<\/a>.<\/p>\n<p><strong>Issuance of Samurai bonds + sukuk are also in the offing:<\/strong> Maait said last week that Egypt is planning on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51628974-be35-4f80-bb1a-b37a346a766d\">issuing USD 500 mn in JPY-denominated bonds<\/a> during the first six months of 2022. We\u2019re also expecting the country\u2019s maiden sovereign sukuk sale to take place <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5077feac-9224-4aa4-b97a-dfce2053e7a7\">before the end of the fiscal year<\/a> in June.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We likely won\u2019t join Euroclear until 2H2022: Local Egyptian debt probably won\u2019t be made \u201cEuroclearable\u201d until the second half of 2022 due to an unresolved \u201ctechnical point\u201d between the government and the Belgium-based clearinghouse, Finance Minister Mohamed Maait told CNBC Arabia (watch, runtime: 5:26). Why is Euroclear a big thing for us? Having local debt [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":543389,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[88,72,714,276,224,411,277,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-euroclear","tag-finance-ministry","tag-green-bonds","tag-judiciary","tag-mohamed-maait","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"11eb3081-75f6-433f-b7b0-62d2c029fe7a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/538.jpg","photo_position":"above","related_issue":[543382],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>We\u2019re looking to join Euroclear during 2H2022 + Another round of green bonds - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/were-looking-to-join-euroclear-during-2h2022-another-round-of-green-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019re looking to join Euroclear during 2H2022 + Another round of green bonds\" \/>\n<meta property=\"og:description\" content=\"We likely won\u2019t join Euroclear until 2H2022: Local Egyptian debt probably won\u2019t be made \u201cEuroclearable\u201d until the second half of 2022 due to an unresolved \u201ctechnical point\u201d between the government and the Belgium-based clearinghouse, Finance Minister Mohamed Maait told CNBC Arabia (watch, runtime: 5:26). Why is Euroclear a big thing for us? 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The minister had said over the weekend that the Finance Ministry has signed an MoU\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621955,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/22\/cbe-to-restructure-egypt-treasuries-auctions\/","url_meta":{"origin":543388,"position":2},"title":"CBE to restructure Egypt treasuries auctions","author":"enterpriseam admin","date":"22 November 2018","format":false,"excerpt":"CBE to restructure treasury auctions and sales: The central bank, cooperation with the Finance Ministry, is looking to shake up the current bond auction system in a bid to lure new investors to Egyptian treasuries. The CBE will establish a central securities depository that will include a primary and secondary\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":625062,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/26\/well-call-off-bond-sales-until-yields-stabilize-maait\/","url_meta":{"origin":543388,"position":3},"title":"We\u2019ll call off bond sales until yields stabilize \u2013Maait","author":"enterpriseam admin","date":"26 September 2018","format":false,"excerpt":"**#2 We\u2019ll call off bond sales anytime yields get out of hand \u2013Maait: The Finance Ministry will continue to cancel auctions of domestic bonds so long as yields remain high, Finance Minister Mohamed Maait said on Tuesday. Calling off bond auctions is a crucial tool in Egypt\u2019s bid to keep\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599318,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/25\/euroclear-delegation-in-egypt-to-wrap-up-procedures-making-debt-euroclearable\/","url_meta":{"origin":543388,"position":4},"title":"Euroclear delegation in Egypt to wrap up procedures making debt \u201ceuroclearable\u201d","author":"enterpriseam admin","date":"25 June 2019","format":false,"excerpt":"EXCLUSIVE- Euroclear is in Egypt to wrap up procedures that will make EGP-denominated debt \u201ceuroclearable\u201d: A delegation from Euroclear is currently in town to ensure Egyptian debt meets the technical requirements to make it clearable through the Belgium-based clearinghouse, two government officials tell Enterprise. The delegation sat down with Misr\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1593.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598034,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/13\/euroclear-is-looking-to-tap-domestic-banks-to-help-settle-government-debt\/","url_meta":{"origin":543388,"position":5},"title":"Euroclear is looking to tap domestic banks to help settle government debt","author":"enterpriseam admin","date":"13 May 2019","format":false,"excerpt":"EXCLUSIVE- Euroclear is looking to tap domestic banks to help settle government debt: Belgium-based clearinghouse Euroclear is to select a number of local banks from among primary dealers to assist in the settlement of government debt, a senior government official told Enterprise. Chosen banks will be among those with the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543388"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543388\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543382"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543389"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543388"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543388"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}