{"id":592726,"date":"2019-11-05T04:11:17","date_gmt":"2019-11-05T04:11:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/05\/egyptian-bonds-are-the-best-performing-in-2019-despite-interest-rate-cuts-says-emirates-nbd\/"},"modified":"2019-11-05T04:11:17","modified_gmt":"2019-11-05T04:11:17","slug":"egyptian-bonds-are-the-best-performing-in-2019-despite-interest-rate-cuts-says-emirates-nbd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/05\/egyptian-bonds-are-the-best-performing-in-2019-despite-interest-rate-cuts-says-emirates-nbd\/","title":{"rendered":"Egyptian bonds are the best performing in 2019, despite interest rate cuts, says Emirates NBD"},"content":{"rendered":"

<\/a> Egypt\u2019s bonds outperformed this year, despite consecutive rate cuts -Emirates NBD:<\/b> Egypt\u2019s local currency bonds have been the best performing in the world in 2019, with investor appetite seemingly undeterred by the Central Bank of Egypt (CBE) cutting rates<\/a> 350 bps so far this year, according to Emirates NBD\u2019s monthly insight report. The finding provides a measure of context for Bloomberg\u2019s assertion last week that EGP-denominated bonds have been underperforming<\/a> since small-scale protests broke out in a few cities in September.<\/p>\n

Real interest rates remain appealing, spurring investor appetite:<\/b> The report points to the stability of the EGP and Egypt\u2019s real interest rate remaining higher than its emerging market peers as the key reasons for yields on EGP-denominated bonds at 38.4% in USD terms. With a real interest rate of 8.5%, investors are likely to continue piling into Egyptian treasuries unless the CBE pushes ahead with severe monetary easing. \u201cHaving said that, even in that scenario the real interest rate is likely to among the top quartile of emerging market economies even after assuming a slight pick-up in inflation from lower base going forward which in turn should keep investors interested,\u201d Emirates NBD says. The bank sees the CBE cutting rates by 400 bps over the next 12 months.<\/p>\n

Speaking of yields: Egypt\u2019s short-term government treasury yields are picking up for the fourth consecutive week<\/b>, after falling 200 bps after the CBE began cutting interest rates in August. A gauge used by Al Mal<\/a> to measure average yields showed that returns on interest on the 180-day bonds rose by 0.02% and rates on 273-bonds increased by 0.13%. On the other hand, interest rates on long term bonds fell for the second consecutive week by 0.09% for three-year papers, 0.014% on 7-year treasuries, and 0.6% on 364-day treasuries. This sustained trend confirms that the market is pricing in another rate cut when the CBE\u2019s Monetary Policy Committee next meets a week from Thursday.<\/p>\n

Foreign investors have increased their holdings of Egyptian treasury bills to 17.3%<\/b> at the end of August 2019, according to Emirates NBD, with many of them investing in short-term securities with a maturity no longer than 12 months. The government stepped up its issuance of short-term bonds, with their share increasing from 20% in June to 25% in August.<\/p>\n

Emirates NBD sees Egypt\u2019s economy growing at a 5.6% clip in 2019 before accelerating to 5.8% in 2020.<\/b> The forecasts place us at the top of the non-GCC oil importer pack in 2019, and second in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s bonds outperformed this year, despite consecutive rate cuts -Emirates NBD: Egypt\u2019s local currency bonds have been the best performing in the world in 2019, with investor appetite seemingly undeterred by the Central Bank of Egypt (CBE) cutting rates 350 bps so far this year, according to Emirates NBD\u2019s monthly insight report. The finding provides […]<\/p>\n","protected":false},"author":1,"featured_media":592727,"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":[82,7106,84,1060,72,8565,349,724,2380,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592726","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bonds","tag-debt","tag-efg-hermes","tag-emirates-nbd","tag-enterpriseam","tag-fitch","tag-interest-rates","tag-monetary-policy","tag-speed-round","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"43dbf385-c801-4e82-ad36-8a992745261a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/11\/1165.jpg","photo_position":"above","related_issue":[592721],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian bonds are the best performing in 2019, despite interest rate cuts, says Emirates NBD - 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\/2019\/11\/05\/egyptian-bonds-are-the-best-performing-in-2019-despite-interest-rate-cuts-says-emirates-nbd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian bonds are the best performing in 2019, despite interest rate cuts, says Emirates NBD\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s bonds outperformed this year, despite consecutive rate cuts -Emirates NBD: Egypt\u2019s local currency bonds have been the best performing in the world in 2019, with investor appetite seemingly undeterred by the Central Bank of Egypt (CBE) cutting rates 350 bps so far this year, according to Emirates NBD\u2019s monthly insight report. 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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\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\/6\/189.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596162,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/20\/egypt-to-issue-callable-bonds-amid-expectations-of-interest-rate-cuts\/","url_meta":{"origin":592726,"position":1},"title":"Egypt to issue callable bonds amid expectations of interest rate cuts","author":"enterpriseam admin","date":"20 August 2019","format":false,"excerpt":"EXCLUSIVE- FinMin looking to issue callable bonds amid expectations of interest rate cuts: 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With Egypt\u2019s non-oil business activity growing in July and a level\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\/internal\/536550.png?resize=350%2C200&ssl=1","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":592726,"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":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":592726,"position":4},"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":604717,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/11\/egypts-interest-rates-remain-the-biggest-hurdle-for-investments-says-emirates-nbds-mark-haddad\/","url_meta":{"origin":592726,"position":5},"title":"Egypt\u2019s interest rates remain the biggest hurdle for investments, says Emirates NBD\u2019s Mark Haddad","author":"enterpriseam admin","date":"11 December 2018","format":false,"excerpt":"Egypt\u2019s economic progress is \u201cremarkable,\u201d but high interest rates remain the biggest hurdle to investment in the real economy, Emirates NBD Senior Portfolio Manager Marwan Haddad told Bloomberg TV. \u201cIt\u2019s very tough for anyone sitting in Egypt to let go of a 20% return\u201d by parking cash in banks and\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\/2018\/12\/3073.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\/592726","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=592726"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592726\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/592721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/592727"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=592726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=592726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=592726"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=592726"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=592726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}