{"id":565971,"date":"2021-05-19T13:43:44","date_gmt":"2021-05-19T13:43:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/with-egypt-as-a-superstar-global-interest-in-frontier-market-debt-is-on-the-rise\/"},"modified":"2021-05-19T13:43:44","modified_gmt":"2021-05-19T13:43:44","slug":"with-egypt-as-a-superstar-global-interest-in-frontier-market-debt-is-on-the-rise","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/with-egypt-as-a-superstar-global-interest-in-frontier-market-debt-is-on-the-rise\/","title":{"rendered":"With Egypt as a superstar, global interest in frontier market debt is on the rise"},"content":{"rendered":"

<\/a> Global interest in frontier market debt is rising <\/strong>as investors search for higher-yielding assets, the Financial Times<\/a> 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 further afield to markets that were once entered only by the most adventurous. \u201cA couple of years ago I would talk to three of the largest asset managers about frontier markets. That\u2019s expanded to nearly all of our clients this year,\u201d he told the salmon-colored paper.<\/p>\n

The returns are a lot higher:<\/strong> Investors are increasingly looking to markets like Egypt, Kazakhstan and Serbia, whose short-term bonds provide returns of up to 8%, while local-currency bonds from frontier markets pay an average yield as high as 9%. By contrast, the average coupon rate for bonds sold by conventional EM governments is lower than 5%, according to the JPMorgan GBI-EM global diversified index.<\/p>\n

New frontier market bonds, indices: <\/strong>The European Investment Bank this week issued its first-ever bond backed by Georgia\u2019s local currency GEL. TCX, which participated in 100 of the 270 frontier currency-linked bonds sold in 2015, also recently launched an index that tracks bonds issued by EM-focused development lenders such as the European Bank for Reconstruction and Development and the African Development Bank. In both cases, the organizations responded to \u201cgrowing demand for and larger transactions in local currency offshore markets,\u201d says Matthijs Pinxteren, director of treasury at Dutch development bank FMO.<\/p>\n

Eyes on the Fed:<\/strong> While appetite for frontier local currency bonds is currently high, how long this lasts will depend on how investors think the Fed will respond to higher inflation, Renaissance Capital\u2019s global chief economist, Charles Robertson, said. A move to raise rates could precipitate a sell-off in frontier- and emerging-market assets, which we got a taste of earlier this year<\/a> when yields on US treasuries rose in response to expectations for higher inflation.<\/p>\n

Egypt isn\u2019t among the countries most vulnerable to a Fed-induced EM sell-off<\/strong>, according to HSBC<\/a>, which earlier this year suggested that a Fed rate-hike will spell particular trouble for Brazil, Indonesia, Mexico and South Africa.<\/p>\n

Another thing supportive of capital flows to Egypt:<\/strong> Egypt could be re-included in the JPMorgan EM bond index before the year is out, which could see another USD 1.4-2.2 bn<\/a> enter the country\u2019s local currency bond market. Egyptian bonds could also be cleared through the Belgium-based clearinghouse Euroclear<\/a> between September and November this year, making it easier for foreign investors to invest in EGP bonds.<\/p>\n

For now, prospects are still out there<\/strong>, say Bank of America strategists, who made handsome returns shorting the USD against Ghana\u2019s GHS and Kazakhstan KZT in April.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 further afield to markets that […]<\/p>\n","protected":false},"author":1,"featured_media":565972,"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":[9272],"tags":[82,7106,115,633,3664,125,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-bonds","tag-debt","tag-emerging-markets","tag-enterprisepm","tag-frontier-markets","tag-investment-watch","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"37f37088-f85c-4ab6-9f07-21ab10390764","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/396.jpg","photo_position":"above","related_issue":[565959],"teaser":"","voice_url":""},"yoast_head":"\nWith Egypt as a superstar, global interest in frontier market debt is on the rise - 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\/05\/19\/with-egypt-as-a-superstar-global-interest-in-frontier-market-debt-is-on-the-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"With Egypt as a superstar, global interest in frontier market debt is on the rise\" \/>\n<meta property=\"og:description\" content=\"Global interest in frontier market debt is rising as investors search for higher-yielding assets, the Financial Times reports. 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EFG\u2019s price-earnings ratio for Egypt this\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\/6\/15.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571453,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/","url_meta":{"origin":565971,"position":2},"title":"EMs turn to local debt markets, burn through FX reserves to weather the covid storm","author":"enterpriseam admin","date":"12 May 2020","format":false,"excerpt":"EMs turn to local debt markets, burn through FX reserves to weather the covid storm: Emerging markets are (kind of unexpectedly) not being beaten to a pulp by the current economic crisis \u2014 thanks in large part to their local debt markets, Ashmore global head of research Jan Dehn said\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\/5\/124.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566246,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/rising-us-inflation-a-worry-for-emerging-markets\/","url_meta":{"origin":565971,"position":3},"title":"Rising US inflation a worry for emerging markets","author":"enterpriseam admin","date":"6 June 2021","format":false,"excerpt":"Heightened inflation in the US is likely to spell trouble for emerging economies as rising yields squeezes countries with hefty debt loads and precarious public finances, analysts tell the Financial Times. \u201cEmerging economies should be worrying more about US inflation than about their own,\u201d Tatiana Lysenko, lead economist for emerging\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":552687,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/21\/what-the-usds-rally-means-for-the-global-economy-emerging-markets\/","url_meta":{"origin":565971,"position":4},"title":"What the USD\u2019s rally means for the global economy + emerging markets","author":"enterpriseam admin","date":"21 September 2022","format":false,"excerpt":"The USD has been on a tear this year. That strength is problematic for emerging markets and the global economy at large. Spurred by successive interest rate hikes from the US Federal Reserve as the central bank pulled out all the stops to cap soaring inflation, the greenback has been\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/540.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566042,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/24\/emerging-markets-are-awash-with-esg-investors\/","url_meta":{"origin":565971,"position":5},"title":"Emerging markets are awash with ESG investors","author":"enterpriseam admin","date":"24 May 2021","format":false,"excerpt":"Responsible and ethical investors are going long on EMs: Investors with environmental, social, and governance (ESG) mandates are turning to emerging markets, which have traditionally been slow on the uptake of green investments, Bloomberg says. With slightly higher yields than developed markets and \u201cwithout too much risk-taking,\u201d emerging markets are\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\/435.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\/565971","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=565971"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565971\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565972"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565971"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565971"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}