{"id":572275,"date":"2020-06-17T04:10:49","date_gmt":"2020-06-17T04:10:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/"},"modified":"2020-06-17T04:10:49","modified_gmt":"2020-06-17T04:10:49","slug":"shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/","title":{"rendered":"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Shrugging off debt relief initiatives, developing countries continue tapping global <\/strong><strong>debt markets to plug covid-19 financing needs:<\/strong> Developing countries are piling on more debt to finance the deficits they face as a result of the covid-19 pandemic, rather than opting for potential restructuring of their existing debts, according to the <a href=\"https:\/\/www.ft.com\/content\/54c545aa-01b5-4e95-8adc-e680f5d82be1\">Financial Times<\/a>. Emerging markets\u2019 renewed appetite for sovereign debt issuances comes despite the G20 and the Paris Club, among others, looking at introducing a debt moratorium for poor countries. However, with markets normalizing and investors\u2019 risk appetite rising, EMs are resuming business as usual with their sovereign debt issuances. Since the beginning of April, emerging markets have raised some USD 83 bn from the international bond market \u2014 a stark departure from March, when investors dumped the same amount in debt and equity, according to the International Institute of Finance.<\/p>\n<p><strong>Egypt is among the EMs that has recently returned to global financial markets:<\/strong> Last month, Egypt sold USD 5 bn in eurobonds in its largest-ever international issuance, which was 4.4x oversubscribed, the Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/925263b4-1bc7-4df7-bcdc-3335f83063f0\">said at the time<\/a>. The record issuance saw solid appetite among investors, attracting bids around 4.4x the amount on offer, despite Egypt being classified as \u201cnon-investment-grade,\u201d according to the salmon-colored paper. Other similar countries that have raised bonds recently include Guatemala, Paraguay, Serbia, Albania, and Brazil.<\/p>\n<p><strong>That\u2019s not to say debt is always bad:<\/strong> \u201cPeople have railed too much against debt and the result has been stagnation \u2026 The legacy of not taking on debt is excess savings, which has been terrible for the world,\u201d says Oxford Economics head of macro research Gabriel Sterne. Debt service costs are currently lower than during previous debt crises, creating a \u201creasonable\u201d environment for a ramp-up in borrowing among developing countries that have a strong enough foundation to raise their debt-to-GDP ratios, Sterne says.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs: Developing countries are piling on more debt to finance the deficits they face as a result of the covid-19 pandemic, rather than opting for potential restructuring of their existing debts, according to the Financial Times. Emerging markets\u2019 renewed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":572276,"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":[7106,115,72,3690,926,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-572275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-debt","tag-emerging-markets","tag-enterpriseam","tag-eurobonds","tag-g20","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"aae95744-986e-460f-a13b-3289cc0c3636","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/6\/191.jpg","photo_position":"above","related_issue":[572257],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs - 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\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs\" \/>\n<meta property=\"og:description\" content=\"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs: Developing countries are piling on more debt to finance the deficits they face as a result of the covid-19 pandemic, rather than opting for potential restructuring of their existing debts, according to the Financial Times. Emerging markets\u2019 renewed [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/\" \/>\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\/191.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\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs\",\"datePublished\":\"2020-06-17T04:10:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/\"},\"wordCount\":318,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/6\/191.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt\",\"emerging markets\",\"EnterpriseAM\",\"eurobonds\",\"G20\",\"THE MACRO PICTURE\"],\"articleSection\":[\"THE MACRO PICTURE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/\",\"name\":\"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs - 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This allows the countries \u2014 which are\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","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\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587854,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/surging-borrowing-costs-are-raising-calls-for-sovereign-debt-relief\/","url_meta":{"origin":572275,"position":1},"title":"Surging borrowing costs are raising calls for sovereign debt relief","author":"enterpriseam admin","date":"1 June 2023","format":false,"excerpt":"Global debt surged to a near record high of USD 305 tn in 1Q 2023","rel":"","context":"In &quot;Macro picture&quot;","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565075,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/is-this-un-facility-a-silver-bullet-for-african-indebtedness\/","url_meta":{"origin":572275,"position":2},"title":"Is this UN facility a silver bullet for African indebtedness?","author":"enterpriseam admin","date":"16 March 2021","format":false,"excerpt":"Egypt could have access to a proposed UN facility that would boost liquidity in African sovereign bond markets through a special type of rich-help-poor model. The model for the so-called Liquidity and Sustainability Facility (LSF) put forward (pdf) by the UN and fixed-income asset manager Pimco in September proposes a\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","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\/3\/488.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565901,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/11\/bring-on-the-post-covid-sukuk\/","url_meta":{"origin":572275,"position":3},"title":"Bring on the post-covid sukuk","author":"enterpriseam admin","date":"11 May 2021","format":false,"excerpt":"Sukuk could become the go-to debt instrument for some African countries looking to raise financing to support their post-covid economic recovery, Faizal Bhana, the director for the Middle East, Africa and India at Jersey Finance told Bloomberg. Bhana expects African countries to \u201cstruggle\u201d to raise the funding they need as\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","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\/359.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573397,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/04\/em-portfolio-inflows-fall-m-o-m-in-july-but-equity-debt-flows-are-continuing-to-recover-iif\/","url_meta":{"origin":572275,"position":4},"title":"EM portfolio inflows fall m-o-m in July, but equity + debt flows are continuing to recover -IIF","author":"enterpriseam admin","date":"4 August 2020","format":false,"excerpt":"Net emerging markets portfolio inflows nearly halved in July to USD 15.1 bn from USD 29.2 bn in June, according to the Institute of International Finance\u2019s (IIF) monthly capital flows tracker. The m-o-m decline comes as \u201chard data are still lagging behind\u201d a recovery in investors\u2019 sentiment on the outlook\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","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\/8\/15.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593429,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/","url_meta":{"origin":572275,"position":5},"title":"Emerging markets\u2019 FX funding needs to repay USD-denominated debt to \u201csoar\u201d next year","author":"enterpriseam admin","date":"27 November 2019","format":false,"excerpt":"Emerging markets\u2019 FX funding needs to repay a decade of USD-denominated debt are on track to \u201csoar\u201d next year, Caroline Grady writes for the Financial Times. EMs have racked up significant debts since the 2008 global financial crisis, and are scheduled to repay nearly USD 800 bn-worth of debt on\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","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\/11\/1221.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\/572275","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=572275"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/572275\/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\/572276"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=572275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=572275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=572275"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=572275"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=572275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}