{"id":572262,"date":"2020-06-17T04:10:49","date_gmt":"2020-06-17T04:10:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/"},"modified":"2020-06-17T04:10:49","modified_gmt":"2020-06-17T04:10:49","slug":"portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/","title":{"rendered":"Portfolio investors warming to Egypt as EGP proves more flexible"},"content":{"rendered":"

<\/a> Portfolio investors warming to Egypt as EGP proves more flexible:<\/strong> There are signs that foreign investors may be warming to Egypt after the EGP eased a bit against the USD, Bloomberg<\/a> reports, writing that \u201ca stable currency and elevated interest rates have kept Egypt\u2019s bond market humming for months\u201d and suggesting that a more flexible EGP could \u201ckeep investors coming back for more.\u201d Over the past month, the currency has returned<\/a> to where it was seven months ago, easing a little over 2.8% since 17 May after holding steady at around EGP 15.68 \/ USD through the worst of the covid-inspired market chaos in March.<\/p>\n

Signs of recovery:<\/strong> The subscription rate at recent Treasury auctions has seen a \u201csizeable jump,\u201d indicating renewed investor appetite for local-currency debt, according to Naeem Holdings. Foreign holdings of local-currency bonds had plunged by around 60% to USD 9-10 bn by the end of May as investors pulled an unprecedented amount of capital from emerging markets during the covid-inspired market tumult.<\/p>\n

Foreign investors had been looking at \u201csubstitutes\u201d to Egypt<\/strong>, which has long held on to its emerging markets darling status, the business information service writes, as the EGP maintained its strength through the covid-19 crisis. Egypt\u2019s local-currency bonds rank among this month\u2019s weakest performers, bettering only Argentina, Colombia and Chile. \u201cMarkets that investors view as substitutes to Egypt have more flexible currencies,\u201d Bloomberg quotes Richard Segal, a senior analyst at Manulife Investment Management, as saying.<\/p>\n

Where is the EGP heading?<\/strong> Analysts see the currency at anywhere between EGP 16.50 and 17.50 to the greenback by the end of the year, as do 25% of readers who responded to our covid-19 poll<\/a>. EFG Hermes<\/strong> is calling EGP 16.50\u201317.00 by year-end after \u201ca clear signal from the central bank that its support to the EGP amidst the unprecedented capital outflows in the past two months is being withdrawn.\u201d Emirates NBD<\/strong> is guiding for 17.00 and HSBC<\/strong> is suggesting we\u2019re looking at 17.50 by year\u2019s end. JP Morgan<\/strong>, meanwhile, says that \u201cexternal support should prevent disorderly FX movement, but it would not be surprising to see the EGP give up the gains made in 2019.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Portfolio investors warming to Egypt as EGP proves more flexible: There are signs that foreign investors may be warming to Egypt after the EGP eased a bit against the USD, Bloomberg reports, writing that \u201ca stable currency and elevated interest rates have kept Egypt\u2019s bond market humming for months\u201d and suggesting that a more flexible […]<\/p>\n","protected":false},"author":1,"featured_media":572263,"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":[8572],"tags":[82,107,115,72,182,349,125,527,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bonds","tag-covid-19","tag-emerging-markets","tag-enterpriseam","tag-inflation","tag-interest-rates","tag-investment-watch","tag-pandemic","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4a6012f3-030a-4f4c-88f5-b123e955f9a4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/6\/189.jpg","photo_position":"above","related_issue":[572257],"teaser":"","voice_url":""},"yoast_head":"\nPortfolio investors warming to Egypt as EGP proves more flexible - 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\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portfolio investors warming to Egypt as EGP proves more flexible\" \/>\n<meta property=\"og:description\" content=\"Portfolio investors warming to Egypt as EGP proves more flexible: There are signs that foreign investors may be warming to Egypt after the EGP eased a bit against the USD, Bloomberg reports, writing that \u201ca stable currency and elevated interest rates have kept Egypt\u2019s bond market humming for months\u201d and suggesting that a more flexible […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-17T04:10:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/189.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Portfolio investors warming to Egypt as EGP proves more flexible\",\"datePublished\":\"2020-06-17T04:10:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/\"},\"wordCount\":361,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/189.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bonds\",\"covid-19\",\"emerging markets\",\"EnterpriseAM\",\"inflation\",\"interest rates\",\"investment watch\",\"pandemic\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/portfolio-investors-warming-to-egypt-as-egp-proves-more-flexible\/\",\"name\":\"Portfolio investors warming to Egypt as EGP proves more flexible - 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The spread between most EGP treasury bills and\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\/2023\/1\/355.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574667,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/interest-rate-cuts-wont-dent-investors-enthusiasm-for-egypt-goldman\/","url_meta":{"origin":572262,"position":1},"title":"Interest rate cuts won\u2019t dent investors\u2019 enthusiasm for Egypt -Goldman","author":"enterpriseam admin","date":"17 September 2020","format":false,"excerpt":"EGP to stay strong, interest rate cuts won\u2019t dent carry trade enthusiasm for Egypt -Goldman: Bulge Bracket stalwart Goldman Sachs sounds optimistic about Egypt, writing in a recent report picked up by the local press that improved hard currency inflows will see a stable EGP \u2014 and predicting that an\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\/9\/197.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596433,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/","url_meta":{"origin":572262,"position":2},"title":"Egypt revisits possibility of issuing EGP-denominated bonds on the back of currency appreciation","author":"enterpriseam admin","date":"28 August 2019","format":false,"excerpt":"EXCLUSIVE- EGP-denominated int\u2019l bond issuance could be back on the table: The Finance Ministry is revisiting previously shelved plans to take an EGP-denominated bond issuance to the international market, two government sources tell Enterprise. According to our sources, the ministry has yet to determine the exact size and timing of\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\/12\/17.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570348,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/29\/high-performing-egp-overvalued-likely-to-fall-amid-covid-19-em-asset-dump-analysts\/","url_meta":{"origin":572262,"position":3},"title":"High-performing EGP overvalued, likely to fall amid covid-19 EM asset dump -analysts","author":"enterpriseam admin","date":"29 March 2020","format":false,"excerpt":"High-performing EGP \u201covervalued,\u201d likely to fall amid covid-19 EM asset dump -Bloomberg report: The EGP has continued performing well amid the fallout from the global covid-19 pandemic, in stark contrast to many African currencies that have fallen sharply in the last month. But investors are increasingly seeing the EGP as\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\/3\/321.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568839,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egp-overvaluation-to-surpass-20-in-the-coming-two-years-rencap\/","url_meta":{"origin":572262,"position":4},"title":"EGP overvaluation to surpass 20% in the coming two years -RenCap","author":"enterpriseam admin","date":"5 February 2020","format":false,"excerpt":"EGP overvaluation to surpass 20% in the coming two years -RenCap: Renaissance Capital has become \u201cmore bullish\u201d on the trajectory of the EGP over the coming two years, forecasting the currency to remain stable this year before falling to EGP 16.2 against the greenback during 2021. In a report issued\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\/2\/70.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598869,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/11\/the-question-on-everyones-lips-where-is-the-egp-heading\/","url_meta":{"origin":572262,"position":5},"title":"The question on everyone\u2019s lips: Where is the EGP heading?","author":"enterpriseam admin","date":"11 June 2019","format":false,"excerpt":"ANALYSIS- The question on everyone\u2019s lips as we ponder the kickoff of budget season at most companies after the summer break: Where is the EGP heading? The EGP has been on a good run this year, appreciating by about 7% YTD against the USD to 16.7917. But this isn\u2019t set\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\/4\/EGP-USD-1600px.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\/572262","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=572262"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572262\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/572257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/572263"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=572262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=572262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=572262"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=572262"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=572262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}