{"id":589848,"date":"2023-07-10T00:00:00","date_gmt":"2023-07-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/em-bond-rally-here-to-stay\/"},"modified":"2023-07-10T00:00:00","modified_gmt":"2023-07-10T00:00:00","slug":"em-bond-rally-here-to-stay","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/em-bond-rally-here-to-stay\/","title":{"rendered":"EM bond rally here to stay?"},"content":{"rendered":"

<\/span>EM bond rally lives on: <\/span>Emerging market bonds are seeing significant gains and <\/span>investors are wagering that there could be more to come, <\/span>Bloomberg<\/a><\/span>writes, as signs of reform in EMs that have long struggled with heavy debt burdens drive optimism. USD bonds from Zambia, Pakistan, and Sri Lanka have seen returns of 25% in the past month after the three countries saw progress on debt reform and restructuring \u2014 compared with 1.3% for a wider index of developing nation debt. <\/span><\/p>\n

This could be good news for Egyptian sovereign debt:<\/span> \u201cOur preference has been the <\/span>countries that have really avoided default and we think can continue to avoid default going forward,\u201d UBS Asset Management's Shamaila Khan said, namechecking Egypt and Nigeria. Egypt\u2019s sovereign USD bonds <\/span>saw gains over the past week<\/a><\/span>, riding the wave of gains in other EMs. <\/span><\/p>\n

Turkey looks to drum up FDI from the Gulf: <\/span>Turkey expects an upcoming visit by <\/span>President Recep Tayyip Erdogan to Qatar, Saudi Arabia, and the UAE to result in USD 10 bn in direct investment, <\/span>Reuters<\/a><\/span> reports citing two senior Turkish officials. The countries could ultimately invest <\/span>USD 30 bn in Turkey\u2019s energy, infrastructure, and defense sectors over the longer term, they added. Erdogan\u2019s visit, which is scheduled for 17-19 July, comes as he country continues to <\/span>face economic challenges<\/a><\/span> in the wake of his recent reelection and amid the <\/span>rapprochement<\/a><\/span> between Ankara and Cairo. <\/span><\/p>\n

Saudi economy could contract if oil cuts continue: <\/span>Saudi Arabia\u2019s economy could <\/span>see a 1% contraction if the kingdom chooses to stick with its <\/span>current production cuts<\/a><\/span> through to the end of 2023, according to <\/span>Bloomberg<\/a><\/span> Economics. Any contraction would mark a sharp change of fortunes for the KSA, which was the G20\u2019s fastest growing economy in 2022, seeing nearly 9% growth. Saudi has so far only said it will extend production cuts through August. <\/span><\/p>\n

<\/a><\/a><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/span><\/p>\n<\/td>\n

\n

16,555<\/span><\/p>\n<\/td>\n

\n

-3.2% (YTD: +13.4%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/span><\/p>\n<\/td>\n

\n

Buy 30.84<\/span><\/p>\n<\/td>\n

\n

Sell 30.96<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/span><\/p>\n<\/td>\n

\n

Buy 30.85<\/span><\/p>\n<\/td>\n

\n

Sell 30.95<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/span><\/p>\n<\/td>\n

\n

18.25% deposit<\/span><\/p>\n<\/td>\n

\n

19.25% lending<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/span><\/p>\n<\/td>\n

\n

11,609<\/span><\/p>\n<\/td>\n

\n

+0.1% (YTD: +10.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/span><\/p>\n<\/td>\n

\n

9,604<\/span><\/p>\n<\/td>\n

\n

+0.0% (YTD: -5.9%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/span><\/p>\n<\/td>\n

\n

3,962<\/span><\/p>\n<\/td>\n

\n

+0.0% (YTD: +18.8%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/span><\/p>\n<\/td>\n

\n

4,399<\/span><\/p>\n<\/td>\n

\n

-0.3% (YTD: +14.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/span><\/p>\n<\/td>\n

\n

7,257<\/span><\/p>\n<\/td>\n

\n

-0.3% (YTD: -2.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/span><\/p>\n<\/td>\n

\n

4,237<\/span><\/p>\n<\/td>\n

\n

+0.3% (YTD: +11.7%)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/span><\/p>\n<\/td>\n

\n

USD 78.47<\/span><\/p>\n<\/td>\n

\n

+2.6%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/span>(Nymex)<\/span><\/p>\n<\/td>\n

\n

USD 2.58<\/span><\/p>\n<\/td>\n

\n

-1.0%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/span><\/p>\n<\/td>\n

\n

USD 1,932.50<\/span><\/p>\n<\/td>\n

\n

-0.9%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/span><\/p>\n<\/td>\n

\n

USD 30,209<\/span><\/p>\n<\/td>\n

\n

+0.1% (YTD: +82.6%)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/span><\/p>\n

The EGX30 fell 3.2% at yesterday\u2019s close on turnover of EGP <\/span>5.1 bn<\/span> (119% above the trailing 90-day average).<\/span> Foreign investors <\/span>were net sellers. The index is up 13.4% YTD.<\/span><\/p>\n

In the green:<\/span> Juhayna (+3.7%) <\/span>(setting aside Taqa Arabia\u2026)<\/span><\/p>\n

In the red:<\/span> Mopco (-17.9%), Qalaa Holdings (-16.1%) and Ibnsina Pharma (-12.5%).<\/span><\/p>\n

Asian markets are mostly up in early trading this morning<\/span> and futures suggest European <\/span>markets will also open in the green, while Wall Street is set for a more mixed open later on today. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

USD bonds from Zambia, Pakistan, and Sri Lanka returned 25% in the past month<\/p>\n","protected":false},"author":1,"featured_media":589849,"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":[115,72,103,119,91,122,219,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-emerging-markets","tag-enterpriseam","tag-fdi","tag-financial-markets","tag-oil-and-gas","tag-planet-finance","tag-saudi-arabia","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"f82cc1cc-6bc7-4716-be59-6b96e991ee29","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/333.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EM bond rally here to stay? PLUS: Turkey expects USD 10 bn in Gulf FDI + Oil production cuts could backfire on Saudi Arabia","related_issue":[589822],"teaser":"USD bonds from Zambia, Pakistan, and Sri Lanka returned 25% in the past month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.b451dbcf-595f-4e47-93ee-0f58372676bb.mp3"},"yoast_head":"\nEM bond rally here to stay? - 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\/2023\/07\/10\/em-bond-rally-here-to-stay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EM bond rally here to stay?\" \/>\n<meta property=\"og:description\" content=\"USD bonds from Zambia, Pakistan, and Sri Lanka returned 25% in the past month\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/em-bond-rally-here-to-stay\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-10T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/333.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\/2023\/07\/10\/em-bond-rally-here-to-stay\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/em-bond-rally-here-to-stay\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EM bond rally here to stay?\",\"datePublished\":\"2023-07-10T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/em-bond-rally-here-to-stay\/\"},\"wordCount\":445,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/em-bond-rally-here-to-stay\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/333.jpg?fit=%2C&ssl=1\",\"keywords\":[\"emerging markets\",\"EnterpriseAM\",\"FDI\",\"Financial Markets\",\"oil and gas\",\"Planet Finance\",\"Saudi Arabia\",\"Turkey\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/em-bond-rally-here-to-stay\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/10\/em-bond-rally-here-to-stay\/\",\"name\":\"EM bond rally here to stay? 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The British index provider yesterday launched its Frontier Emerging Markets\u2026","rel":"","context":"In "MARKET WATCH"","block_context":{"text":"MARKET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/market-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547637,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/it-might-not-be-a-bad-time-to-get-in-on-riskier-em-bonds-if-you-know-where-to-look\/","url_meta":{"origin":589848,"position":2},"title":"It might not be a bad time to get in on riskier EM bonds \u2014 if you know where to look","author":"enterpriseam admin","date":"29 June 2022","format":false,"excerpt":"More investors are looking past frontier debt sell-offs for buying potential as rising yields tempt them to look past fears of default on junk-rated bonds, Bloomberg reports, citing investors. Even in the event of debt restructuring, frontier-market bonds will offer greater recovery values than current bond prices, asset managers told\u2026","rel":"","context":"In "PLANET FINANCE"","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":549313,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/are-we-looking-at-a-rebound-in-em-bonds-as-the-imf-pushes-ahead-with-bailouts\/","url_meta":{"origin":589848,"position":3},"title":"Are we looking at a rebound in EM bonds as the IMF pushes ahead with bailouts?","author":"enterpriseam admin","date":"12 September 2022","format":false,"excerpt":"IMF backing is good for emerging markets (who\u2019d a thunk it?): Recent IMF bailouts are helping to restore investor confidence in emerging-markets following a year of historic losses for the asset class, analysts tell Bloomberg. Egypt, Sri Lanka, Pakistan, Zambia and Chile have all either agreed new programs with the\u2026","rel":"","context":"In "PLANET FINANCE"","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":589848,"position":4},"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 "PLANET FINANCE"","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":548787,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/debt-distressed-emerging-markets-arent-going-to-be-issuing-a-lot-of-bonds-next-month\/","url_meta":{"origin":589848,"position":5},"title":"Debt-distressed emerging markets aren\u2019t going to be issuing a lot of bonds next month","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"It\u2019s going to be a quieter September than normal for debt-distressed EMs: Analysts expect junk-rated emerging markets to continue to shy away from international bond markets as they struggle with high borrowing costs and dwindling FX reserves, Bloomberg reports. Morgan Stanley, Goldman Sachs and JPMorgan all have low expectations for\u2026","rel":"","context":"In "PLANET FINANCE"","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\/589848","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=589848"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/589848\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/589822"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/589849"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=589848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=589848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=589848"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=589848"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=589848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}