{"id":549313,"date":"2022-09-12T04:00:17","date_gmt":"2022-09-12T04:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/are-we-looking-at-a-rebound-in-em-bonds-as-the-imf-pushes-ahead-with-bailouts\/"},"modified":"2022-09-12T04:00:17","modified_gmt":"2022-09-12T04:00:17","slug":"are-we-looking-at-a-rebound-in-em-bonds-as-the-imf-pushes-ahead-with-bailouts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/are-we-looking-at-a-rebound-in-em-bonds-as-the-imf-pushes-ahead-with-bailouts\/","title":{"rendered":"Are we looking at a rebound in EM bonds as the IMF pushes ahead with bailouts?"},"content":{"rendered":"

<\/a> IMF backing is good for emerging markets (who\u2019d a thunk it?):<\/strong> Recent IMF bailouts are helping to restore investor confidence in emerging-markets following a year of historic losses for the asset class, analysts tell Bloomberg<\/a>. Egypt, Sri Lanka, Pakistan, Zambia and Chile have all either agreed new programs with the Fund or are close to agreeing terms, reversing the narrative from \u2018default-adjacent\u2019 to \u2018turnaround\u2019 and inspiring investors to cautiously return to local bonds.<\/p>\n

\u201cWe\u2019ve seen a rebound in emerging-market USD bonds<\/strong> as the IMF appears to be turning increasingly responsive to the difficulties faced by frontier emerging markets,\u201d Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon Investment Management in Singapore said. \u201cThis is helping some investors turn more neutral on emerging markets from a very bearish view.\u201d<\/p>\n

But the IMF\u2019s got competition:<\/strong> Fresh data shows that China has made over USD 30 bn in discreet \u201cemergency loans\u201d in recent years to crisis-hit countries, leading the Financial Times<\/a> to pronounce Beijing \u201ca formidable competitor\u201d of the IMF. Data by AidData, a research lab at US-based public research university William & Mary, named Pakistan, Sri Lanka and Argentina among the largest recipients of the Chinese aid, borrowing USD 32.8 bn between them since 2017.<\/p>\n

Egypt has also taken funding from China:<\/strong> Egypt, along with Kenya, Venezuela, Ecuador, Angola, Laos, Suriname, Belarus, Mongolia and Ukraine, have taken emergency loans from the Chinese, AidData said, without disclosing details for any of those countries.<\/p>\n

Unlike the IMF, there are no strings attached:<\/strong> \u201cBeijing has tried to keep these countries afloat by providing emergency loan after emergency loan without asking its borrowers to restore economic policy discipline or pursue debt relief through a co-ordinated restructuring process with all major creditors,\u201d said Bradley Parks, executive director of AidData.<\/p>\n

\n

Eyeing a bitter European winter, investors back out of equities: <\/strong>European stock funds have seen USD 83 bn in outflows over the past six months \u2014 some USD 3.4 bn of that during the last week alone, Bloomberg<\/a> reports, citing market tracking data acquired by Deutsche Bank. This comes as the region struggles with its harshest energy crisis in decades<\/a> after Moscow all but turned off the gas taps amid war in Ukraine, further pressuring European markets already struggling with rising inflation, a strengthening USD, and fears of a global recession.<\/p>\n

Europe\u2019s main index is down only 14% YTD<\/strong>, outperforming global counterparts \u2014 but big investors think it has a long way to fall. \u201cWe\u2019ve expected a recession in Europe for months given the energy crunch, but we don\u2019t think equities have fully priced this in,\u201d Wie Li, BlackRock\u2019s global chief investment strategist, tells the business newswire.<\/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

10,356<\/p>\n<\/td>\n

\n

+0.9% (YTD: -13.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.28<\/p>\n<\/td>\n

\n

Sell 19.39<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 19.31<\/p>\n<\/td>\n

\n

Sell 19.37<\/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

11,940<\/p>\n<\/td>\n

\n

+0.9% (YTD: +5.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,796<\/p>\n<\/td>\n

\n

+0.1% (YTD: +15.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,361<\/p>\n<\/td>\n

\n

0.0% (YTD: +5.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,067<\/p>\n<\/td>\n

\n

+1.5% (YTD: -14.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,351<\/p>\n<\/td>\n

\n

+1.2% (YTD: -0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,570<\/p>\n<\/td>\n

\n

+1.6% (YTD: -17.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 92.84<\/p>\n<\/td>\n

\n

+4.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 8.00<\/p>\n<\/td>\n

\n

+1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,728.90<\/p>\n<\/td>\n

\n

+0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 21,517<\/p>\n<\/td>\n

\n

-0.3% (YTD: -53.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 0.9% at yesterday\u2019s close<\/strong> on turnover of EGP 1.18 bn (22.7% above the 90-day average). Local investors were net buyers. The index is down 13.3% YTD.<\/p>\n

In the green: <\/strong>Orascom Construction (+3.6%), Elsewedy Electric (+3.6%) and Sidi Kerir Petrochemicals (+3.3%).<\/p>\n

In the red: <\/strong>MOPCO (-2.3%), Juhayna (-2.1%) and Egyptian Kuwaiti Holding-EGP (-1.7%).<\/p>\n

It\u2019s green as far as the eye can see this morning<\/strong>, with major indexes in Asia all looking good. Futures suggest shares in Western Europe, the US and Canada will all start the trading week in the green at the opening bell.<\/p>\n","protected":false},"excerpt":{"rendered":"

IMF backing is good for emerging markets (who\u2019d a thunk it?): Recent IMF bailouts are helping to restore investor confidence in emerging-markets following a year of historic losses for the asset class, analysts tell Bloomberg. Egypt, Sri Lanka, Pakistan, Zambia and Chile have all either agreed new programs with the Fund or are close to […]<\/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":[116,115,72,119,272,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549313","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-imf","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"ad044fbd-9688-4967-8775-ecafa4e39e1b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549296],"teaser":"","voice_url":""},"yoast_head":"\nAre we looking at a rebound in EM bonds as the IMF pushes ahead with bailouts? - 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\/09\/12\/are-we-looking-at-a-rebound-in-em-bonds-as-the-imf-pushes-ahead-with-bailouts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are we looking at a rebound in EM bonds as the IMF pushes ahead with bailouts?\" \/>\n<meta property=\"og:description\" content=\"IMF backing is good for emerging markets (who\u2019d a thunk it?): Recent IMF bailouts are helping to restore investor confidence in emerging-markets following a year of historic losses for the asset class, analysts tell Bloomberg. 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But investors are flocking to buy high-risk bonds in the belief that the\u2026","rel":"","context":"In "PLANET FINANCE"","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":597996,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/could-sharp-power-lending-reduce-the-need-for-further-imf-bailouts\/","url_meta":{"origin":549313,"position":1},"title":"Could \u2018sharp power lending\u2019 reduce the need for further IMF bailouts?","author":"enterpriseam admin","date":"12 May 2019","format":false,"excerpt":"NEW BUZZWORD: Could \u2018sharp power lending\u2019 reduce the need for further IMF bailouts? Sharp power lending is the latest buzzword for emerging powers handing out large bilateral loans to countries facing economic crises \u2014 and could be an alternative to traditional multilateral lending, sovereign debt analyst Timothy Ash writes in\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\/2019\/5\/2788.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599428,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/27\/the-good-times-will-continue-to-roll-if-egypt-secures-a-new-pact-with-the-imf-efg-hermes\/","url_meta":{"origin":549313,"position":2},"title":"The good times will continue to roll if Egypt secures a new pact with the IMF \u2013EFG Hermes","author":"enterpriseam admin","date":"27 June 2019","format":false,"excerpt":"The good times will continue to roll if Egypt secures a new pact with the IMF: Plans to sign a post-program non-financial agreement with IMF will help Egypt maintain its position as the world\u2019s most attractive carry trade, Mohamed Abu Basha, EFG Hermes\u2019 head of macro analysis, tells Bloomberg. Finance\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\/2019\/6\/1836.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589563,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/05\/usd-denominated-sovereign-debt-inches-up-on-em-rally\/","url_meta":{"origin":549313,"position":3},"title":"USD-denominated sovereign debt inches up on EM rally","author":"enterpriseam admin","date":"5 July 2023","format":false,"excerpt":"Long-term bonds gained more than USD 0.01 as Pakistan\u2019s IMF bailout spread optimism","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/108.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570495,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/emerging-markets-flock-to-the-imf-for-help-as-covid-19-brings-looming-economic-crisis\/","url_meta":{"origin":549313,"position":4},"title":"Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis","author":"enterpriseam admin","date":"2 April 2020","format":false,"excerpt":"Emerging markets flock to the IMF for help as covid-19 brings looming economic crisis: Eighty-five countries have recently approached the IMF for emergency assistance, driven by record capital outflows, plummeting oil prices, a dearth of tourism, and reduced demand for exports, the Financial Times reports. Developing countries are facing a\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\/2020\/4\/16.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571557,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/egypts-fresh-imf-support-packages-will-help-boost-investor-confidence-portfolio-inflows-fitch\/","url_meta":{"origin":549313,"position":5},"title":"Egypt\u2019s fresh IMF support packages will help boost investor confidence, portfolio inflows -Fitch","author":"enterpriseam admin","date":"17 May 2020","format":false,"excerpt":"Fresh funding from the IMF will help boost investor confidence in Egypt as portfolio outflows from emerging markets begin to reverse, Fitch Ratings said on Thursday. The government received last week a USD 2.8 bn rapid financing instrument (RFI) and is looking for as much as USD 5.5 bn under\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\/2020\/5\/170.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\/549313","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=549313"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549313\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549296"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549313"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549313"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}