{"id":559962,"date":"2021-02-10T03:50:28","date_gmt":"2021-02-10T03:50:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/egypt-wont-tap-debt-market-again-before-2h-no-decision-on-wheat-hedging-maait\/"},"modified":"2021-02-10T03:50:28","modified_gmt":"2021-02-10T03:50:28","slug":"egypt-wont-tap-debt-market-again-before-2h-no-decision-on-wheat-hedging-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/egypt-wont-tap-debt-market-again-before-2h-no-decision-on-wheat-hedging-maait\/","title":{"rendered":"Egypt won\u2019t tap debt market again before 2H, no decision on wheat hedging \u2013Maait"},"content":{"rendered":"

<\/a> Egypt has no plans to return to the international debt market before the end of the first half<\/strong>, Finance Minister Mohamed Maait told Al Arabiya<\/a>. Despite low interest rates globally, the government won\u2019t tap the market for a second time until the state\u2019s current fiscal year ends on 30 June, the minister said. The state budget gives the government the license to borrow up to USD 7 bn through debt instruments in the international market, of which the ministry has so far used a little over half in FY2020-2021.<\/p>\n

Egypt sold USD 3.75 bn in USD-denominated eurobonds <\/strong>earlier this week<\/a><\/strong>.<\/strong> The issuance was at \u201csignificantly lower\u201d yields than recent sales and the ministry raised USD 750 mn above its initial target of USD 3 bn as the market responded favorably to a lower yield ask, Maait said. The issuance received some USD 16.5 bn in orders, making it more than 4.4x oversubscribed. The proceeds will be used to plug in the fiscal deficit, which Maait says currently stands at close to EGP 440 bn (c. USD 28 bn).<\/p>\n

No decision yet on wheat hedging: <\/strong>The ministry still hasn\u2019t decided whether it wants to purchase derivative contracts to protect against rising grain prices, Maait said yesterday. The minister recently announced<\/a> that the government is considering the plan, alongside its current practice of hedging against rising oil prices.<\/p>\n

By our math, there will soon be a decision if<\/strong> conditions in the global wheat market continue as they are:<\/strong> Wheat prices are currently at multi-year highs<\/a>, buoyed by imminent export restrictions expected to take effect this spring from the world\u2019s largest supplier, Russia. A gauge of wheat futures is currently at close to USD 230 per tonne, which is well above a USD 199.5 price assumed in the state budget (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt has no plans to return to the international debt market before the end of the first half, Finance Minister Mohamed Maait told Al Arabiya. Despite low interest rates globally, the government won\u2019t tap the market for a second time until the state\u2019s current fiscal year ends on 30 June, the minister said. The state […]<\/p>\n","protected":false},"author":1,"featured_media":559963,"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":[82,317,88,72,3690,949,277,132,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-bonds","tag-commodities","tag-debt-watch","tag-enterpriseam","tag-eurobonds","tag-hedging","tag-mohamed-maait","tag-trade","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"4d99bdc9-2f4d-4ae7-b1ab-785780efaeb4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/2\/167.jpg","photo_position":"above","related_issue":[559956],"teaser":"","voice_url":""},"yoast_head":"\nEgypt won\u2019t tap debt market again before 2H, no decision on wheat hedging \u2013Maait - 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\/2021\/02\/10\/egypt-wont-tap-debt-market-again-before-2h-no-decision-on-wheat-hedging-maait\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt won\u2019t tap debt market again before 2H, no decision on wheat hedging \u2013Maait\" \/>\n<meta property=\"og:description\" content=\"Egypt has no plans to return to the international debt market before the end of the first half, Finance Minister Mohamed Maait told Al Arabiya. 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The report had quoted banking sources saying that ministry officials are in talks with debt investors to raise between USD 2-3 bn on the international debt market before the\u2026","rel":"","context":"In "SPEED ROUND: FACT CHECK"","block_context":{"text":"SPEED ROUND: FACT CHECK","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-fact-check\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568142,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/20\/fresh-eurobonds-arent-in-the-cards-yet-maait\/","url_meta":{"origin":559962,"position":1},"title":"Fresh eurobonds aren\u2019t in the cards yet -Maait","author":"enterpriseam admin","date":"20 December 2020","format":false,"excerpt":"The Finance Ministry doesn\u2019t have any immediate plans to take a USD 7 bn eurobond sale to market in 1H2021, Finance Minister Mohamed Maait told Kelma Akhira\u2019s Lamees El Hadidi yesterday (watch, runtime: 3:17). Maait denied an earlier report from Asharq Bloomberg suggesting that Egypt is actively moving towards a\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":567238,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/16\/egypt-is-pressing-pause-on-usd-denominated-eurobond-issuances-for-the-remainder-of-fy2019-2020\/","url_meta":{"origin":559962,"position":2},"title":"Egypt is pressing pause on USD-denominated eurobond issuances for the remainder of FY2019-2020","author":"enterpriseam admin","date":"16 January 2020","format":false,"excerpt":"EXCLUSIVE- The government is pressing pause on USD-denominated eurobond issuances for the remainder of the current fiscal year and will instead rely on a diverse set of debt instruments during the coming period, Finance Minister Mohamed Maait told Enterprise. Egypt successfully issued USD 2 bn-worth of USD-denominated eurobonds in a\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568064,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/what-were-borrowing-in-1h2021\/","url_meta":{"origin":559962,"position":3},"title":"What we\u2019re borrowing in 1H2021","author":"enterpriseam admin","date":"16 December 2020","format":false,"excerpt":"The Finance Ministry reportedly plans to sell USD 7 bn-worth of EUR- and USD-denominated eurobonds in 1H2021, Asharq Bloomberg suggests. The story, which cites unnamed sources, suggests the ministry has already approached international investment banks to advise on the potential sales. Finance Minister Mohamed Maait had told Bloomberg last week\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":549625,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/it-could-take-another-month-or-two-to-finalize-imf-support-maait\/","url_meta":{"origin":559962,"position":4},"title":"It could take another month or two to finalize IMF support -Maait","author":"enterpriseam admin","date":"25 September 2022","format":false,"excerpt":"Talks for an IMF facility could wrap in another month or two, Finance Minister Mohamed Maait told Bloomberg (watch, runtime: 14:28) in a wide-ranging interview that tackled everything from the IMF loan to Egypt\u2019s rising debt levels, devaluation of the EGP, and future bond issuances.Maait again refrained from providing a\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/365.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599883,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/finmin-heads-east-ahead-of-egypts-bond-issuances\/","url_meta":{"origin":559962,"position":5},"title":"FinMin heads east ahead of Egypt\u2019s bond issuances","author":"enterpriseam admin","date":"14 January 2019","format":false,"excerpt":"Maait heads to Asia to pave the way for bond issuances: Finance Minister Mohamed Maait will begin a trip today that will see him visit Japan, South Korea, Hong Kong and China to discuss bond issuances. The government is now more flexible and is seeking to diversify \u201cthe currency, the\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\/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\/559962","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=559962"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559962\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559956"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559963"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559962"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559962"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}