{"id":578364,"date":"2022-12-26T04:08:16","date_gmt":"2022-12-26T04:08:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/"},"modified":"2022-12-26T04:08:16","modified_gmt":"2022-12-26T04:08:16","slug":"its-been-a-helluva-year-for-global-debt-markets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/","title":{"rendered":"It\u2019s been a helluva year for global debt markets"},"content":{"rendered":"

<\/a> It has been a tumultuous year in the global debt markets<\/strong> as central banks around the world have aggressively raised interest rates in response to the largest wave of inflation since the 1970s. Reacting to price growth spurred by Russia\u2019s invasion of Ukraine in February and the impact of the covid-19 pandemic, the US Federal Reserve embarked on its fastest tightening cycle in years, triggering a historic sell-off in Western bond markets, capital flight from emerging markets, and a record-breaking USD bull-run.<\/p>\n

It was no different in Egypt:<\/strong> The Central Bank of Egypt has been forced to adopt one of the most aggressive policy stances due to a shortage of foreign currency and resulting pressure on the EGP. Policymakers have hiked key rates by 800 bps this year, taking them back to where they were in early 2019.<\/p>\n

Rising rates abroad + global uncertainty triggered major outflows from Egypt and other <\/strong>emerging markets:<\/strong> Foreign investors pulled USD 21 bn of investment from Egyptian assets during FY 2021-2022, according to the central bank (pdf)<\/a>, which attributed the \u201cmass exodus\u201d to monetary tightening by the Federal Reserve. In the t-bill market alone, foreign holdings fell 67% during the first nine months of 2022 to USD 6.7 bn by the end of September, according to in-house calculations of central bank figures (pdf)<\/a>. The loss of portfolio flows has deprived the country of one of its most important sources of hard currency, tightening FX liquidity, and putting pressure on the currency.<\/p>\n

Global tightening has all but shut Egypt out of the international debt markets:<\/strong> The government hasn\u2019t taken any new eurobond issuances to market this year due to the high yields demanded by foreign investors. Egyptian bonds have traded in distressed territory<\/a> this year \u2014 defined as bonds with yields trading 10% higher than US treasuries \u2014 a warning sign that indicates a rising risk of default.<\/p>\n

What a difference a year makes:<\/strong> Contrast this with 2021 when Egyptian sovereign debt was in high demand among foreign investors. Last year the government sold USD 6.75 bn<\/a> in USD-denominated eurobonds across two issuances.<\/p>\n

This has prompted the government to look to other sources of foreign funding<\/strong>, including successfully closing its maiden Samurai bond issuance with the sale of USD 500 mn (c.JPY 60 bn) of JPY-denominated bonds in Japan back in March<\/a>. The Finance Ministry could pull the trigger on our long-awaited maiden sukuk issuance and a sale of so-called panda bonds in China next year, with a USD 500 mn issuance of CNY-denominated bonds<\/a> planned for 1Q 2023 and a USD 1.5-2.5 bn sale of shariah-compliant securities<\/a> before the end of the fiscal year in June.<\/p>\n

Foreign debt has continued to rise this year:<\/strong> Egypt added another USD 17.8 bn to its external debt pile during the previous fiscal year, raising total external debt by 13% to USD 155.7 bn in the year to June 2022.<\/p>\n

On the positive side:<\/strong> Solid economic growth has kept external debt-to-GDP at an even keel, falling slightly to 32.6% at the end of FY 2021-2022 from 34.2% a year earlier. That said, the first six months of the year has seen the figure tick up from 30.5% at the end of 2021. Long-term debt also accounted for 82.9% of total foreign debt: Out of the USD 155.7 bn owed at the end of FY 2021-2022, USD 129.1 bn was long-term debt.<\/p>\n

Total debt levels?<\/strong> That\u2019s tough to ascertain, considering the government stopped publishing regular domestic debt figures from the beginning of FY 2020-2021. We know that total debt-to-GDP declined to 87.2%<\/a> by June 2022 from 90.6%<\/a> a year earlier but the total volume of debt is unknown. The government wants to bring down the debt-to-GDP ratio to 84%<\/a> by June 2023 and 75%<\/a> by FY 2025-2026.<\/p>\n

Debt servicing costs have climbed:<\/strong> Rising debt levels, higher rates at home and abroad, and the impact of the surging greenback has caused the government\u2019s interest payments to rise significantly this year. External debt servicing climbed 56% y-o-y to USD 12.57 bn during the first six months of 2022. Interest paid on total government debt rose 35% to EGP 216.4 bn in the first quarter of FY 2022-2023, mainly due to rising borrowing costs of domestic debt. This is almost double the pace expected in the budget which forecast debt servicing costs to rise 19%<\/a> during the current fiscal year.<\/p>\n

Development loans continued their upward trajectory in 2022<\/strong>, rising to USD 14 bn from USD 10.2 bn<\/a> the year before and USD 9.8 bn in 2020, the International Cooperation Ministry said<\/a> last week. State-led development projects received USD 11 bn from multilateral and bilateral lenders during the year while the private sector obtained USD 3 bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

It has been a tumultuous year in the global debt markets as central banks around the world have aggressively raised interest rates in response to the largest wave of inflation since the 1970s. Reacting to price growth spurred by Russia\u2019s invasion of Ukraine in February and the impact of the covid-19 pandemic, the US Federal […]<\/p>\n","protected":false},"author":1,"featured_media":578365,"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":[9264],"tags":[271,88,104,115,72,349,3138],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-year-in-review-debt","tag-central-bank-of-egypt","tag-debt-watch","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-interest-rates","tag-year-in-review-debt","wpautop","entry"],"acf":{"mongo_id":"55dbfc02-f855-4d5b-8b6c-33aa1c48c539","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/524.jpg","photo_position":"above","related_issue":[578346],"teaser":"","voice_url":""},"yoast_head":"\nIt\u2019s been a helluva year for global debt markets - 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\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s been a helluva year for global debt markets\" \/>\n<meta property=\"og:description\" content=\"It has been a tumultuous year in the global debt markets as central banks around the world have aggressively raised interest rates in response to the largest wave of inflation since the 1970s. Reacting to price growth spurred by Russia\u2019s invasion of Ukraine in February and the impact of the covid-19 pandemic, the US Federal […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-26T04:08:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"It\u2019s been a helluva year for global debt markets\",\"datePublished\":\"2022-12-26T04:08:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/\"},\"wordCount\":753,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"debt watch\",\"economy\",\"emerging markets\",\"EnterpriseAM\",\"interest rates\",\"YEAR IN REVIEW: DEBT\"],\"articleSection\":[\"YEAR IN REVIEW: DEBT\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/\",\"name\":\"It\u2019s been a helluva year for global debt markets - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2022-12-26T04:08:16+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"It\u2019s been a helluva year for global debt markets\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"It\u2019s been a helluva year for global debt markets - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/","og_locale":"en_US","og_type":"article","og_title":"It\u2019s been a helluva year for global debt markets","og_description":"It has been a tumultuous year in the global debt markets as central banks around the world have aggressively raised interest rates in response to the largest wave of inflation since the 1970s. Reacting to price growth spurred by Russia\u2019s invasion of Ukraine in February and the impact of the covid-19 pandemic, the US Federal […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-12-26T04:08:16+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"It\u2019s been a helluva year for global debt markets","datePublished":"2022-12-26T04:08:16+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/"},"wordCount":753,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1","keywords":["Central Bank of Egypt","debt watch","economy","emerging markets","EnterpriseAM","interest rates","YEAR IN REVIEW: DEBT"],"articleSection":["YEAR IN REVIEW: DEBT"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/","name":"It\u2019s been a helluva year for global debt markets - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1","datePublished":"2022-12-26T04:08:16+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/its-been-a-helluva-year-for-global-debt-markets\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"It\u2019s been a helluva year for global debt markets"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/524.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":566246,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/rising-us-inflation-a-worry-for-emerging-markets\/","url_meta":{"origin":578364,"position":0},"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":597088,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/16\/egypt-bucks-the-trend-as-emerging-market-debt-climbs-to-new-record-highs\/","url_meta":{"origin":578364,"position":1},"title":"Egypt bucks the trend as emerging-market debt climbs to new record highs","author":"enterpriseam admin","date":"16 July 2019","format":false,"excerpt":"Egypt bucks the trend as emerging-market debt climbs to new record highs: Egypt\u2019s debt-to-GDP ratio fell y-o-y in 1Q2019 as overall debt in emerging markets surged to new record highs, according to a report by the Institute of International Finance (IIF). Corporate, household and public sector debt all fell during\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\/7\/2161.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609654,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/08\/us-interest-hikes-are-wreaking-havoc-in-emerging-markets-and-were-unlikely-to-be-immune\/","url_meta":{"origin":578364,"position":2},"title":"US interest hikes are wreaking havoc in emerging markets, and we\u2019re unlikely to be immune","author":"enterpriseam admin","date":"8 November 2023","format":false,"excerpt":"The sovereign debt of almost a quarter of developing countries is now trading at distressed levels, says World Bank","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\/11\/387.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542704,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/12\/high-rates-upcoming-passive-inflows-bode-well-for-egyptian-bonds\/","url_meta":{"origin":578364,"position":3},"title":"High rates, upcoming passive inflows bode well for Egyptian bonds","author":"enterpriseam admin","date":"12 January 2022","format":false,"excerpt":"Egypt\u2019s bond market is poised for more gains this year thanks to our attractive interest rate, which is currently the world\u2019s highest after adjusting for inflation, several global asset managers tell Bloomberg. Amid a global bond rout prompted by the Federal Reserve\u2019s decision to accelerate plans to hike rates, analysts\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\/2022\/1\/138.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576399,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/23\/rencap-bullish-on-egypt-sees-em-inflows-gaining-momentum\/","url_meta":{"origin":578364,"position":4},"title":"RenCap bullish on Egypt, sees EM inflows gaining momentum","author":"enterpriseam admin","date":"23 November 2020","format":false,"excerpt":"RenCap bullish on Egypt, sees EM portfolio inflows gaining momentum: The benefits Egypt is reaping from its fiscal reform program \u2014 including turning a primary budget surplus and engaging the IMF \u2014 are keeping Renaissance Capital bullish on the economy, the investment bank said in a report last week. RenCap\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\/11\/238.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557081,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/06\/can-egypt-weather-a-taper-tantrum-2-0\/","url_meta":{"origin":578364,"position":5},"title":"Can Egypt weather a taper tantrum 2.0?","author":"enterpriseam admin","date":"6 September 2021","format":false,"excerpt":"Egypt\u2019s world-beating real interest rate will help it weather an uptick in global rates, but the country faces some risk from capital outflows unless it acts to reduce its debt costs, S&P Global Ratings said in a report yesterday. Despite enjoying the highest real interest rate in the world, 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\/2021\/9\/72.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\/578364","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=578364"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578364\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578346"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578365"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578364"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578364"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}