{"id":544962,"date":"2022-03-29T04:00:13","date_gmt":"2022-03-29T04:00:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/"},"modified":"2022-03-29T04:00:13","modified_gmt":"2022-03-29T04:00:13","slug":"em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/","title":{"rendered":"EM bonds on course for their worst quarter in 24 years + UAE positioning itself as a global crypto hub"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>It hasn\u2019t been like this in 24 years:<\/strong> USD-denominated emerging bonds are on course to have their worst quarter since the Asian financial crisis shook emerging markets in 1998, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-27\/war-sparks-wall-street-s-rush-to-commodity-rich-emerging-markets?sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>What gives?<\/strong> Already under pressure from rising interest rates, the commodity price shock sparked by the conflict in Ukraine has had investors pulling money out of EM bonds as surging energy and food costs raises concerns over the fiscal stability of commodity importers.<\/p>\n<p><strong>It\u2019s not just debt they\u2019re dumping:<\/strong> Three-quarters of emerging currencies followed by Bloomberg are down so far in 2022, while EM stocks are almost having their worst quarter since the pandemic caused investors to flee EM in 2020.<\/p>\n<p><strong>The UAE\u2019s bid to turn itself into a global crypto hub continues:<\/strong> Fresh off of passing <a href=\"https:\/\/u.ae\/en\/about-the-uae\/digital-uae\/regulation-of-digital-properties\">crypto<\/a><a href=\"https:\/\/u.ae\/en\/about-the-uae\/digital-uae\/regulation-of-digital-properties\">legislation<\/a> and setting up a market regulator earlier this month, two other crypto trading players announced major expansions into Dubai yesterday. Crypto exchange Bybit <a href=\"https:\/\/blog.bybit.com\/post\/this-just-in-bybit-is-coming-to-dubai--blt566e59d84a932b51\/?medium=organic_social&source=twitter&channel=mkt_&campaign=HQannouncement&content=en_1&dtpid=1648468436806&$web_only=true&_branch_match_id=1037099217809679199&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT8\/XS6pMyizRS87P1U\/VL\/b09TGIci7yyU8CAOsW0csiAAAA\">will move its global headquarters<\/a> to Dubai, while Crypto.com said it would <a href=\"https:\/\/crypto.com\/company-news\/founding-partner-crypto-com-helps-kick-off-investopia-summit-crypto-com-announces-regional-hub-in-dubai\">set up a \u201cregional base\u201d<\/a> in the emirate, providing further momentum to policymakers\u2019 ambitions to turn it into a global crypto trading hub. Earlier this month, Dubai <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5aba476-1470-4f80-9be3-3d68ee010174\">handed a license to Binance<\/a>, the world\u2019s largest crypto exchange, and FTX Europe, an arm of FTX, the third-largest exchange.<\/p>\n<p><strong>ALSO IN PLANET FINANCE- <\/strong>(xxDA) <strong>Oman will lift limits on foreign investment in listed companies<\/strong> in efforts to attract more inflows into the country\u2019s public markets. (<a href=\"https:\/\/twitter.com\/MSX_Oman\/status\/1508298342715039747?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1508298342715039747%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2022-03-28%2Foman-to-allow-full-foreign-ownership-in-listed-companies\">Statement<\/a>)<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,241<\/p>\n<\/td>\n<td>\n<p>-2.6% (YTD: -5.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.27<\/p>\n<\/td>\n<td>\n<p>Sell 18.37<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.25<\/p>\n<\/td>\n<td>\n<p>Sell 18.35<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,064<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +15.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,829<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +15.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,484<\/p>\n<\/td>\n<td>\n<p>+2.1% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,576<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -4.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,473<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 112.48<\/p>\n<\/td>\n<td>\n<p>-6.8%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.49<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,928.00<\/p>\n<\/td>\n<td>\n<p>-0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 47,601<\/p>\n<\/td>\n<td>\n<p>+2.1% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 2.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.1 bn (11.7% above the 90-day average). Local investors were net sellers. The index is down 5.9% YTD.<\/p>\n<p><strong>In the green: <\/strong>Orascom Construction (+1.0%).<\/p>\n<p><strong>In the red: <\/strong>Ezz Steel (-10.9%), MM Group (-7.4%) and Elsewedy Electric (-6.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It hasn\u2019t been like this in 24 years: USD-denominated emerging bonds are on course to have their worst quarter since the Asian financial crisis shook emerging markets in 1998, according to Bloomberg. What gives? Already under pressure from rising interest rates, the commodity price shock sparked by the conflict in Ukraine has had investors pulling [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7210],"tags":[362,82,317,344,115,72,164,119,125,7265,122,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544962","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-barclays","tag-bonds","tag-commodities","tag-cryptocurrency","tag-emerging-markets","tag-enterpriseam","tag-equities","tag-financial-markets","tag-investment-watch","tag-oman","tag-planet-finance","tag-uae","wpautop","entry"],"acf":{"mongo_id":"e55866c5-5e48-4be8-b88b-e756498cf944","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[544938],"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>EM bonds on course for their worst quarter in 24 years + UAE positioning itself as a global crypto hub - 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\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EM bonds on course for their worst quarter in 24 years + UAE positioning itself as a global crypto hub\" \/>\n<meta property=\"og:description\" content=\"It hasn\u2019t been like this in 24 years: USD-denominated emerging bonds are on course to have their worst quarter since the Asian financial crisis shook emerging markets in 1998, according to Bloomberg. 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What gives? Already under pressure from rising interest rates, the commodity price shock sparked by the conflict in Ukraine has had investors pulling [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-03-29T04:00:13+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"EM bonds on course for their worst quarter in 24 years + UAE positioning itself as a global crypto hub","datePublished":"2022-03-29T04:00:13+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/"},"wordCount":356,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["Barclays","Bonds","commodities","cryptocurrency","emerging markets","EnterpriseAM","equities","Financial Markets","investment watch","Oman","Planet Finance","UAE"],"articleSection":["PLANET FINANCE"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/","name":"EM bonds on course for their worst quarter in 24 years + UAE positioning itself as a global crypto hub - 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Barclays global bond index, which tracks USD 68 tn worth of corporate and sovereign bonds, has delivered a negative return of 4.8% for the year so far as investors flee government\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":584535,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/02\/banking-turmoil-leaves-one-in-four-ems-shut-out-of-global-debt-market\/","url_meta":{"origin":544962,"position":2},"title":"Banking turmoil leaves one in four EMs shut out of global debt market","author":"enterpriseam admin","date":"2 April 2023","format":false,"excerpt":"Local currency EM debt fared better in 1Q","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/30.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547427,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/21\/em-corporate-bonds-are-holding-their-own-no-eurozone-debt-crisis-take-2\/","url_meta":{"origin":544962,"position":3},"title":"EM corporate bonds are holding their own + No eurozone debt crisis take 2?","author":"enterpriseam admin","date":"21 June 2022","format":false,"excerpt":"EM sovereign debt might not be doing so great right now. Corporate debt on the other hand\u2026: Emerging-market corporate bonds are holding up against a wave of interest rate hikes around the world, faring better than high-yield debt and equities in the US, Bloomberg reports. The EM sell-off is being\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548787,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/debt-distressed-emerging-markets-arent-going-to-be-issuing-a-lot-of-bonds-next-month\/","url_meta":{"origin":544962,"position":4},"title":"Debt-distressed emerging markets aren\u2019t going to be issuing a lot of bonds next month","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"It\u2019s going to be a quieter September than normal for debt-distressed EMs: Analysts expect junk-rated emerging markets to continue to shy away from international bond markets as they struggle with high borrowing costs and dwindling FX reserves, Bloomberg reports. Morgan Stanley, Goldman Sachs and JPMorgan all have low expectations for\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555881,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/omicron-fed-taper-hits-emerging-market-bond-etfs\/","url_meta":{"origin":544962,"position":5},"title":"Omicron + Fed taper hits emerging-market bond ETFs","author":"enterpriseam admin","date":"30 November 2021","format":false,"excerpt":"Omicron + Fed taper hits emerging-market bond ETFs: Investors pulled more than USD 850 mn from emerging-market debt ETFs last week as the discovery of the Omicron covid variant and the decision to keep Jay Powell as Federal Reserve head for another term fuelled risk-off sentiment, data from Bloomberg shows.\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"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\/544962","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=544962"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544962\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544938"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544962"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544962"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}