{"id":543430,"date":"2022-02-01T04:01:08","date_gmt":"2022-02-01T04:01:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/egypt-rejoins-jpmorgan-bond-index\/"},"modified":"2022-02-01T04:01:08","modified_gmt":"2022-02-01T04:01:08","slug":"egypt-rejoins-jpmorgan-bond-index","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/egypt-rejoins-jpmorgan-bond-index\/","title":{"rendered":"Egypt rejoins JPMorgan bond index"},"content":{"rendered":"

<\/a> Egypt rejoined J<\/strong>PMorgan\u2019s emerging-market bond index following a decade of <\/strong>absence yesterday<\/strong> in a move that could bring new passive flows into the local debt market. Fourteen EGP bonds worth around USD 26 bn have been added to the JPMorgan GBI-EM Global Diversified Index, giving Egypt a weighting of 1.85%, the Finance Ministry announced<\/a>. The bonds have an average yield of 14.9% and a maturity of 2.9 years, it said.<\/p>\n

That\u2019s not all:<\/strong> The bonds have also been added to the GBI-EM Broad Diversified Index with a 1.47% weighting and the GBI-AGG Diversified Index with a weighting of 0.24%. Egypt has also been added to the investment bank\u2019s green bond index following its USD 750 mn issuance in 2020<\/a>.<\/p>\n

This isn\u2019t the first time Egypt has been a part of the index<\/strong>, having been kicked off in the wake of the economic turmoil that followed the 25 January Revolution in 2011.<\/p>\n

\u201cThis inclusion confirms the confidence of the foreign [investor] community<\/strong> of Egypt\u2019s improved fundamentals \u2026 Egypt is being put on the international radar as an investment destination,\u201d said Finance Minister Mohamed Maait.<\/p>\n

A very welcome buffer: <\/strong>The inclusion of Egyptian debt in the index will help to stabilize foreign inflows, Mohamed Abu Basha, EFG Hermes\u2019 chief economist, told us. \u201cThis type of hot money is less volatile than the investments of active fund managers, and may limit the risk of the latter\u2019s exit from emerging markets in the event of a US interest rate hike,\u201d he said.<\/p>\n

\u201cForeign flows into Egypt currently amount to about USD 30 bn, while the current relative weight of Egypt on the index is USD 4 bn,\u201d he added.<\/p>\n

A key moment:<\/strong> \u201cThe inclusion comes at a very important time because it coincides with the exit of some investors from global emerging markets,\u201d said Radwa El Swaify, head of research at Al Ahly Pharos, who told us that in normal circumstances it could have brought in USD 3-5 bn in inflows.<\/p>\n

Some aren\u2019t expecting a flood of new inflows:<\/strong> \u201cWe think that the news is largely priced-in and don\u2019t see [inclusion] as a major trigger,\u201d Naeem Brokerage\u2019s Allen Sandeep told us.<\/p>\n

But that might not matter:<\/strong> \u201cOur real yields are way too attractive, even if the Fed raises rates by 1.5 [percentage points] this year,\u201d Sandeep says. Egypt currently offers the highest inflation-adjusted interest rate in the world, helping it to maintain attractiveness as global rates tick up in the coming months. Investors expect at least four quarter-point rate hikes from the Fed this year.<\/p>\n

Three years in the making:<\/strong> The Finance Ministry has been talking about rejoining the index for the past three years<\/a>. The US investment bank placed Egypt on its watchlist<\/a> last April after the country\u2019s debt profile met the maturity requirements<\/a> for inclusion.<\/p>\n

The next piece of the puzzle: Euroclear.<\/strong> The government now expects to finalize an agreement with the Belgian clearinghouse to clear local debt in Europe during the second half of 2022<\/a>. Making Egyptian debt clearable in Europe will make it more accessible to foreign investors, translating into greater portfolio inflows.<\/p>\n

\n

Egypt will sell USD 5 bn in foreign currency bonds in <\/strong>FY2022-2023<\/strong>, Vice Minister of Finance Ahmed Kouchouk told Bloomberg Asharq<\/a> yesterday. Egypt last took to the international debt markets in September when it sold USD 3 bn in long-term eurobonds<\/a>.<\/p>\n

Issuance of samurai bonds + sukuk could be coming before the end of the fiscal year: <\/strong>Maait said last week that the ministry wants to sell around 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 before the end of the fiscal year<\/a> in June.<\/p>\n

Plus another green bond sale:<\/strong> The minister said this week<\/a> that it is considering selling another USD 750 mn of green bonds, though the timing of the issuance has not yet been set.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt rejoined JPMorgan\u2019s emerging-market bond index following a decade of absence yesterday in a move that could bring new passive flows into the local debt market. Fourteen EGP bonds worth around USD 26 bn have been added to the JPMorgan GBI-EM Global Diversified Index, giving Egypt a weighting of 1.85%, the Finance Ministry announced. The […]<\/p>\n","protected":false},"author":1,"featured_media":543431,"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":[82,7106,88,115,72,349,125,262],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-bonds","tag-debt","tag-debt-watch","tag-emerging-markets","tag-enterpriseam","tag-interest-rates","tag-investment-watch","tag-jpmorgan","wpautop","entry"],"acf":{"mongo_id":"6b27d495-abb6-48a9-8592-71684cf88cf7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/2.jpg","photo_position":"above","related_issue":[543426],"teaser":"","voice_url":""},"yoast_head":"\nEgypt rejoins JPMorgan bond index - 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\/02\/01\/egypt-rejoins-jpmorgan-bond-index\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt rejoins JPMorgan bond index\" \/>\n<meta property=\"og:description\" content=\"Egypt rejoined JPMorgan\u2019s emerging-market bond index following a decade of absence yesterday in a move that could bring new passive flows into the local debt market. 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In a statement on Thursday, the Bulge Bracket bank said it is looking at including 14 EGP-denominated bonds worth USD 24 bn into its GBI-EM Global Diversified index, which would give\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":606975,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/25\/our-sovereign-bonds-could-be-removed-from-jp-morgans-em-index\/","url_meta":{"origin":543430,"position":1},"title":"Our sovereign bonds could be removed from JP Morgan\u2019s EM index","author":"enterpriseam admin","date":"25 September 2023","format":false,"excerpt":"The investment bank has put Egyptian sovereign debt under review","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1451.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543894,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/23\/egx-launches-four-new-sub-indices\/","url_meta":{"origin":543430,"position":2},"title":"EGX launches four new sub-indices","author":"enterpriseam admin","date":"23 February 2022","format":false,"excerpt":"The EGX launched four new sub-indices to track the performance of the most actively traded sovereign debt instruments yesterday in a move that paves the way for investment in index-tracking bond funds and other products linked to those gauges, according to a statement (pdf). The index will only include EGP-denominated\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/331.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565971,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/with-egypt-as-a-superstar-global-interest-in-frontier-market-debt-is-on-the-rise\/","url_meta":{"origin":543430,"position":3},"title":"With Egypt as a superstar, global interest in frontier market debt is on the rise","author":"enterpriseam admin","date":"19 May 2021","format":false,"excerpt":"Global interest in frontier market debt is rising as investors search for higher-yielding assets, the Financial Times reports. Craig McLeod, head of emerging markets at electronic bond trading platform MarketAxess, says that the world of low interest rates and diminishing returns in traditional fixed-income markets is pushing investors to look\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/396.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562871,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/good-news-for-bond-inflows-as-egypt-added-to-ftse-frontier-bond-index\/","url_meta":{"origin":543430,"position":4},"title":"Good news for bond inflows as Egypt added to FTSE frontier bond index","author":"enterpriseam admin","date":"9 June 2021","format":false,"excerpt":"Egypt is now part of the FTSE Russell\u2019s new bond index, which tracks local currency bonds issued in frontier markets, the index provider said in a statement yesterday. The Frontier Emerging Markets Government Bond Index Series contains a cap-weighted index and a 10% country-capped index and tracks the performance of\u2026","rel":"","context":"In "MARKET WATCH"","block_context":{"text":"MARKET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/market-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/131.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562904,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/10\/ftse-russell-index-inclusion-could-bring-usd-4-bn-into-egp-bonds-says-finmin\/","url_meta":{"origin":543430,"position":5},"title":"FTSE Russell index inclusion could bring USD 4 bn into EGP bonds, says FinMin","author":"enterpriseam admin","date":"10 June 2021","format":false,"excerpt":"The Finance Ministry is expecting an additional USD 4 bn in foreign inflows into Egyptian debt on the back of Egypt\u2019s inclusion in the FTSE Russell\u2019s new frontier-market sovereign bond index, Finance Minister Mohamed Maait said in a statement yesterday. The British index provider yesterday launched its Frontier Emerging Markets\u2026","rel":"","context":"In "MARKET WATCH"","block_context":{"text":"MARKET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/market-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543430","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=543430"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543430\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543426"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543431"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543430"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543430"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}