{"id":577356,"date":"2022-11-20T04:02:28","date_gmt":"2022-11-20T04:02:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis\/"},"modified":"2022-11-20T04:02:28","modified_gmt":"2022-11-20T04:02:28","slug":"theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis\/","title":{"rendered":"There\u2019s little chance of an Egypt default, according to Bloomberg analysis"},"content":{"rendered":"<p><a id=\"tldr-story-09\" class=\"content-anchor\"><\/a> <strong>Egypt isn\u2019t at high risk of sovereign default, according to Bloomberg: <\/strong>The likelihood of Egypt defaulting on its public debt over the next twelve months is lower than 10%, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-17\/what-if-emerging-markets-dodge-the-default-wave\">Bloomberg<\/a> analysis of default risk in 41 emerging economies. Eleven emerging countries have a higher than 10% chance of default, according to the analysis, which looked at risks to EM debt repayment amid a high-rate, high-inflation global environment. Smaller EMs with high debt burdens are facing the brunt of tighter conditions, with Ukraine, Belize, Argentina, and Ecuador among the most at-risk.<\/p>\n<p><strong>Huge demand for Taaleem IPO:<\/strong> UAE school operator Taaleem Holdings\u2019 IPO was 18x oversubscribed last week after receiving AED 13.7 bn (USD 3.7 bn) in orders, it said in <a href=\"https:\/\/ent.news\/2022\/11\/Final-Offer-Price-Announcement.pdf\">a statement (pdf)<\/a> Friday. The company raised AED 750 mn after selling 250 mn shares at AED 3 apiece, the top end of the price range. Shares are set to start trading in Abu Dhabi on Tuesday, 29 November. Our friends at EFG-Hermes are joint lead managers for the offering, alongside Emirates NBD Capital.<\/p>\n<p><strong>Is the FTX fiasco worse than Enron?<\/strong> That seems to be the conclusion of John Ray III, the guy who managed Enron\u2019s bankruptcy and has just been appointed to do the same with the collapsed crypto exchange. \u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,\u201d he wrote in a damning <a href=\"https:\/\/www.documentcloud.org\/documents\/23310507-ftx-bankruptcy-filing-john-j-ray-iii?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axioscryptocurrency&stream=business\">bankruptcy filing<\/a>.<\/p>\n<p><strong>Also worth noting:<\/strong><\/p>\n<ul>\n<li><strong>Theranos CEO Elizabeth Holmes handed 11-year prison sentence: <\/strong>A federal court sentenced the founder and CEO of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b72f1dfa-8a14-4232-a972-e47d96f6dd13\">blood diagnostics startup<\/a> on Friday for defrauding Theranos\u2019 investors. Holmes is expected to appeal the sentence. (<a href=\"https:\/\/www.reuters.com\/business\/healthcare-pharmaceuticals\/elizabeth-holmes-faces-sentencing-friday-defrauding-theranos-investors-2022-11-18\/\">Reuters<\/a>)<\/li>\n<li><strong>The cost of deglobalization:<\/strong> The IMF thinks the rise of protectionism seen this year could cause a USD 1.4 tn hit to the global economy. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-19\/imf-s-georgieva-says-world-trade-divide-could-cost-global-economy-1-4-trillion?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<\/ul>\n<table class=\"markets-table\">\n<tbody>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>EGX30 <\/strong><\/td>\n<td>12,516<\/td>\n<td>+1.4% (YTD: +4.7%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>USD (CBE)<\/strong><\/td>\n<td>Buy 24.44<\/td>\n<td>Sell 24.52<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>USD at CIB<\/strong><\/td>\n<td>Buy 24.46<\/td>\n<td>Sell 24.52<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\"  \/><\/td>\n<td><strong>Interest rates CBE<\/strong><\/td>\n<td>13.25% deposit<\/td>\n<td>14.25% lending<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>Tadawul<\/strong><\/td>\n<td>11,142<\/td>\n<td>-0.1% (YTD: -1.2%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>ADX<\/strong><\/td>\n<td>10,466<\/td>\n<td>+0.4% (YTD: +23.3%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>DFM<\/strong><\/td>\n<td>3,352<\/td>\n<td>+0.6% (YTD: +4.9%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>S&P 500<\/strong><\/td>\n<td>3,965<\/td>\n<td>+0.5% (YTD: -16.8%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>FTSE 100<\/strong><\/td>\n<td>7,386<\/td>\n<td>+0.5% (YTD: 0.0%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>Euro Stoxx 50<\/strong><\/td>\n<td>3,924<\/td>\n<td>+1.2% (YTD: -8.7%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>Brent crude<\/strong><\/td>\n<td>USD 87.62<\/td>\n<td>-2.4%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>Natural gas <\/strong>(Nymex)<\/td>\n<td>USD 6.30<\/td>\n<td>-1.0%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\"  \/><\/td>\n<td><strong>Gold<\/strong><\/td>\n<td>USD 1,769.00<\/td>\n<td>-0.5%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\"  \/><\/td>\n<td><strong>BTC<\/strong><\/td>\n<td>USD 16,655<\/td>\n<td>+0.1% (YTD: -64.0%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 1.4% at Thursday\u2019s close<\/strong> on turnover of EGP 2.14 bn (45.9% above the 90-day average). Regional investors were net buyers. The index is up 4.7% YTD.<\/p>\n<p><strong>In the green: <\/strong>Eastern Company (+7.4%), Palm Hills Development (+5.2%) and CIB (+3.3%).<\/p>\n<p><strong>In the red: <\/strong>Ezz Steel (-2.3%), Madinet Nasr Housing (-2.0%) and Cleopatra Hospitals (-1.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt isn\u2019t at high risk of sovereign default, according to Bloomberg: The likelihood of Egypt defaulting on its public debt over the next twelve months is lower than 10%, according to Bloomberg analysis of default risk in 41 emerging economies. Eleven emerging countries have a higher than 10% chance of default, according to the analysis, [&hellip;]<\/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":[6400,72,119,1260,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577356","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-egypt-sovereign-debt","tag-enterpriseam","tag-financial-markets","tag-mena-ipos","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"27781d82-4dcc-424e-8dce-3b37fa21dec6","is_powered_by":true,"section_story_id":"3291e79e-c6fe-467b-82eb-06c2f9e9d5db","story_type":"1","photo_url":"","photo_position":"above","related_issue":[577335],"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>There\u2019s little chance of an Egypt default, according to Bloomberg analysis - 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\/11\/20\/theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"There\u2019s little chance of an Egypt default, according to Bloomberg analysis\" \/>\n<meta property=\"og:description\" content=\"Egypt isn\u2019t at high risk of sovereign default, according to Bloomberg: The likelihood of Egypt defaulting on its public debt over the next twelve months is lower than 10%, according to Bloomberg analysis of default risk in 41 emerging economies. 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Eleven emerging countries have a higher than 10% chance of default, according to the analysis, [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-11-20T04:02:28+00:00","og_image":[{"url":"https:\/\/ent.news\/2020\/9\/positive.png","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"There\u2019s little chance of an Egypt default, according to Bloomberg analysis","datePublished":"2022-11-20T04:02:28+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis\/"},"wordCount":416,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis\/#primaryimage"},"thumbnailUrl":"https:\/\/ent.news\/2020\/9\/positive.png","keywords":["Egypt sovereign debt","EnterpriseAM","Financial Markets","MENA IPOs","Planet Finance"],"articleSection":["PLANET FINANCE"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/20\/theres-little-chance-of-an-egypt-default-according-to-bloomberg-analysis\/","name":"There\u2019s little chance of an Egypt default, according to Bloomberg analysis - 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Egypt\u2019s one-year credit-default swaps rose 1k\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/964.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548010,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/the-incoming-em-debt-crisis-is-getting-worse\/","url_meta":{"origin":577356,"position":1},"title":"The incoming EM debt crisis is getting worse","author":"enterpriseam admin","date":"21 July 2022","format":false,"excerpt":"The number of emerging-market countries at risk of default is at a record high after Angola and Gabon became the latest to see yields on their sovereign bonds rise to distressed levels, Bloomberg reports. There are now 21 nations with yields 10% higher than US treasuries, a warning sign that\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":547862,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/the-2022-em-debt-sell-off-is-getting-serious-wire-services-warn\/","url_meta":{"origin":577356,"position":2},"title":"The 2022 EM debt sell-off is getting serious, wire services warn","author":"enterpriseam admin","date":"17 July 2022","format":false,"excerpt":"Default on the horizon? A record number of emerging markets are facing pressure as debt sell-off grows: Soaring inflation and rising US interest rates have sent investors fleeing emerging market (EM) countries this year, leaving \u201ca record number of developing nations\u201d facing possible default, according to Reuters. Taking into account\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":577389,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/investors-are-rediscovering-their-appetite-for-the-riskiest-emerging-market-debt\/","url_meta":{"origin":577356,"position":3},"title":"Investors are rediscovering their appetite for the riskiest emerging-market debt","author":"enterpriseam admin","date":"21 November 2022","format":false,"excerpt":"Investors are storming back into high-yield emerging-market debt, pushing down the risk premium over high-grade debt at the quickest rate since June 2005, according to JPMorgan data picked up by Bloomberg. Bonds issued by countries that only a few months ago were thought to be careering towards default are now\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":587544,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/pressure-on-emerging-markets-to-continue-on-us-economic-headwinds-moodys\/","url_meta":{"origin":577356,"position":4},"title":"Pressure on emerging markets to continue on US economic headwinds -Moody\u2019s","author":"enterpriseam admin","date":"29 May 2023","format":false,"excerpt":"Five emerging economies are in default and 11 others have fallen into debt distress","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1539.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548042,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/bri-blowback\/","url_meta":{"origin":577356,"position":5},"title":"BRI blowback","author":"enterpriseam admin","date":"24 July 2022","format":false,"excerpt":"China\u2019s Belt and Road Initiative could be in trouble as debt crises loom in emerging markets: The ambitious overseas lending scheme that sees China pouring investments into countries across Africa, Asia, and the Middle East, to further trade and foreign policy is struggling under a mountain of non-performing debt and\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577356","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=577356"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577356\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577335"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577356"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577356"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}