{"id":548323,"date":"2022-08-03T04:00:11","date_gmt":"2022-08-03T04:00:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/03\/ems-trade-bonds-for-bank-loans-bp-uber-report-strong-2q-earnings-growth\/"},"modified":"2022-08-03T04:00:11","modified_gmt":"2022-08-03T04:00:11","slug":"ems-trade-bonds-for-bank-loans-bp-uber-report-strong-2q-earnings-growth","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/03\/ems-trade-bonds-for-bank-loans-bp-uber-report-strong-2q-earnings-growth\/","title":{"rendered":"EMs trade bonds for bank loans + BP, Uber report strong 2Q earnings growth"},"content":{"rendered":"

<\/a> Emerging markets are turning to syndicated loans after being effectively shut out <\/strong>of bond markets<\/strong> due to heightened commodity prices and rising borrowing costs, the Wall Street Journal<\/a> reports. More than a dozen governments in Africa and the Middle East took out syndicated loans worth about USD 13 bn during the first half of the year, according to a Standard Chartered analysis of Dealogic data, nearly double the figure in the same period last year.<\/p>\n

Illustrating the tightening conditions:<\/strong> Not a single emerging-market government turned to the foreign-currency debt markets in July, according to Tellimer. This is \u201cthe most significant drought in financing since the \u2018taper tantrum\u2019 of 2013,\u201d when rising US rates caused an exodus of capital from emerging markets, the WSJ writes.<\/p>\n

\n

EARNINGS WATCH-<\/strong><\/p>\n

#1-<\/strong> BP reported its highest earnings in 14 years <\/strong>in 2Q 2022.<\/strong> The oil supermajor increased dividends by 10% after net earnings tripled y-o-y to USD 8.5 bn during the quarter, according to its earnings (pdf)<\/a> released yesterday. The growth was driven by strong refining margins and \u201cexceptional\u201d performance in its secretive<\/a> oil trading business.<\/p>\n

#2- Uber just became cashflow positive for the first time ever: <\/strong>The ride-hailing giant posted free cashflow of USD 382 mn in 2Q 2022 on the back of a post-pandemic rebound in travel and commuting, according to its earnings release<\/a>. That\u2019s more than triple the sum analysts had expected, the Financial Times<\/a> writes. Uber shares jumped almost 19% on the news.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

9,442<\/p>\n<\/td>\n

\n

+0.2% (YTD: -21.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 18.98<\/p>\n<\/td>\n

\n

Sell 19.09<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 19.01<\/p>\n<\/td>\n

\n

Sell 19.07<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

11.25% deposit<\/p>\n<\/td>\n

\n

12.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,311<\/p>\n<\/td>\n

\n

-0.2% (YTD: +9.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,895<\/p>\n<\/td>\n

\n

+1.2% (YTD: +16.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,348<\/p>\n<\/td>\n

\n

-0.9% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,091<\/p>\n<\/td>\n

\n

-0.7% (YTD: -14.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,409<\/p>\n<\/td>\n

\n

-0.1% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,685<\/p>\n<\/td>\n

\n

-0.6% (YTD: -14.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 99.83<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 7.71<\/p>\n<\/td>\n

\n

-7.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,789.70<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 23,084<\/p>\n<\/td>\n

\n

+0.4% (YTD: -50.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.2% at today\u2019s close<\/strong> on turnover of EGP 343,84 mn (57.7% below the 90-day average). Foreign investors were net sellers. The index is down 21% YTD.<\/p>\n

In the green: <\/strong>QNB Alahli (+10.1%), Ibnsina Pharma (+7.1%) and Qalaa Holdings (+5.6%).<\/p>\n

In the red: <\/strong>CIB (-2.1%), Cleopatra Hospitals (-1.9%) and Telecom Egypt (-1.3%).<\/p>\n

Asian shares posted tentative gains this morning as \u201c<\/strong>investors monitor Pelosi\u2019s visit to Taiwan<\/a><\/strong>,\u201d <\/strong>with only Australia\u2019s ASX slipping into the red as of dispatch time. Major European benchmarks look set to come under selling pressure at the opening bell today, as will shares in Toronto. Futures suggest the Dow, S&P and Nasdaq should all open in the green later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emerging markets are turning to syndicated loans after being effectively shut out of bond markets due to heightened commodity prices and rising borrowing costs, the Wall Street Journal reports. More than a dozen governments in Africa and the Middle East took out syndicated loans worth about USD 13 bn during the first half of the […]<\/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":[196,72,119,182,349,91,122,441],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548323","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bp","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-interest-rates","tag-oil-and-gas","tag-planet-finance","tag-uber","wpautop","entry"],"acf":{"mongo_id":"83f1705e-8ab7-470c-9084-d4128d6ae85c","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548302],"teaser":"","voice_url":""},"yoast_head":"\nEMs trade bonds for bank loans + BP, Uber report strong 2Q earnings growth - 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\/08\/03\/ems-trade-bonds-for-bank-loans-bp-uber-report-strong-2q-earnings-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EMs trade bonds for bank loans + BP, Uber report strong 2Q earnings growth\" \/>\n<meta property=\"og:description\" content=\"Emerging markets are turning to syndicated loans after being effectively shut out of bond markets due to heightened commodity prices and rising borrowing costs, the Wall Street Journal reports. 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The state-owned bank also ranked third in Africa and the Middle East, taking a 19.82% market share of syndicated loans\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-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":572946,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/14\/nbe-banque-misr-among-top-20-mena-banks-for-syndicated-loans-bloomberg\/","url_meta":{"origin":548323,"position":1},"title":"NBE, Banque Misr among top 20 MENA banks for syndicated loans -Bloomberg","author":"enterpriseam admin","date":"14 July 2020","format":false,"excerpt":"The National Bank of Egypt (NBE) and Banque Misr made Bloomberg\u2019s 1H2020 league table for syndicated facilities in MENA, according to Hapi Journal. NBE ranked fourth on the list, having led 12 syndicated loans worth USD 2.095 bn during the first six months of the year, while Banque Misr came\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-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":604531,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/05\/acc-to-restructure-outstanding-loans-through-new-syndicated-loan\/","url_meta":{"origin":548323,"position":2},"title":"ACC to restructure outstanding loans through new syndicated loan","author":"enterpriseam admin","date":"5 December 2018","format":false,"excerpt":"Cement supplier Arabian Cement Company (ACC) is receiving a syndicated loan from the European Bank for Reconstruction and Development and CIB to restructure its USD 23 mn and EGP 499.3 mn outstanding debt to a local bank, according to a press release (pdf). The facility will give ACC more room\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-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":597088,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/16\/egypt-bucks-the-trend-as-emerging-market-debt-climbs-to-new-record-highs\/","url_meta":{"origin":548323,"position":3},"title":"Egypt bucks the trend as emerging-market debt climbs to new record highs","author":"enterpriseam admin","date":"16 July 2019","format":false,"excerpt":"Egypt bucks the trend as emerging-market debt climbs to new record highs: Egypt\u2019s debt-to-GDP ratio fell y-o-y in 1Q2019 as overall debt in emerging markets surged to new record highs, according to a report by the Institute of International Finance (IIF). Corporate, household and public sector debt all fell during\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2161.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556019,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/06\/banque-misr-nbe-claim-their-slots-in-bloombergs-syndicated-loans-league-table\/","url_meta":{"origin":548323,"position":4},"title":"Banque Misr, NBE claim their slots in Bloomberg\u2019s syndicated loans league table","author":"enterpriseam admin","date":"6 October 2021","format":false,"excerpt":"Banque Misr was ranked as the top lead arranger for syndicated loans in Egypt in 9M2021, according to a Bloomberg league table, the bank said in a press release (pdf). Banque Misr concluded 27 syndicated loan transactions in 2021 with a total value of USD 4.12 bn, ranking as the\u2026","rel":"","context":"In "Kudos"","block_context":{"text":"Kudos","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/kudos\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626589,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/nbe-rated-countrys-top-bank-in-1h2018-continents-top-in-syndicated-loans\/","url_meta":{"origin":548323,"position":5},"title":"NBE rated country\u2019s top bank in 1H2018, continent\u2019s top in syndicated loans","author":"enterpriseam admin","date":"5 July 2018","format":false,"excerpt":"The National Bank of Egypt (NBE) was rated as the country\u2019s top bank in 1H2018 in a Bloomberg Terminal report picked up by Youm7. The NBE also received the top spot in the syndicated loans category on both the country and continent levels, having arranged EGP 58.5 bn-worth of loans\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-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\/548323","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=548323"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548323\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548302"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548323"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548323"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}