{"id":600443,"date":"2019-01-30T04:19:28","date_gmt":"2019-01-30T04:19:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/30\/take-note-fx-watchers-the-carry-trade-is-back-in-egypt\/"},"modified":"2019-01-30T04:19:28","modified_gmt":"2019-01-30T04:19:28","slug":"take-note-fx-watchers-the-carry-trade-is-back-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/30\/take-note-fx-watchers-the-carry-trade-is-back-in-egypt\/","title":{"rendered":"Take note FX watchers: The carry trade is back in Egypt"},"content":{"rendered":"

<\/a> Carry traders are back in force, buying 100% of Monday T-bonds auction:<\/b> Foreign investors, who have been increasingly showing up at government debt auctions, bought 100% of the EGP 1.16 bn worth of five-year treasury bonds offered on Monday, the Finance Ministry said in a statement<\/a>. The central bank also held yesterday an auction on 10-year bonds. Foreigners have snapped up an average of 30% of T-bill auctions, and their average participation in five- and 10-year note auctions rose to about 55% this week. The story is getting plenty of play in the international business press: Bloomberg<\/a> and Reuters<\/a> have the story.<\/p>\n

Why this matters: <\/b>International investors pulled about USD 10 bn out of Egypt during the emerging markets zombie apocalypse, putting pressure on the central bank and the banking system at large.<\/p>\n

Why are the foreigners back? We now offer the second-highest yield in emerging markets after Argentina<\/b>, according to analysis by Bloomberg. We\u2019re also a bit less likely to default than Argentina, our friend Reham El Desoki told the business information service: Investors \u201cperceive lower risk in the medium-to-long term, which is positive.\u201d<\/p>\n

It\u2019s probably why the EGP appreciated against the greenback this week: <\/b>The central bank\u2019s statement on the auction comes after the EGP has been appreciating this week. While some analysts and bankers see<\/a> the invisible hand of the CBE at play here, others we have spoken to have said the move was down to carry traders participating in auctions. The results of the T-bond auction back that up.<\/p>\n

Does this tell us anything about interest rates? <\/b>\u201cThe demand is probably driven by an anticipation that the central bank could start cutting interest rates as inflation eases,\u201d Bloomberg said, citing comments from El Desoki.<\/p>\n

High demand is making it a bit less expensive for Egypt to borrow<\/b>, Bloomberg<\/a> said in another piece: \u201cdemand for the five-year securities allowed underwriters to shave 44 basis points off Egypt\u2019s cost to borrow, the most at an auction in a year, to 17.59%,\u201d it reported.<\/p>\n

This is all great news ahead of Ramadan: <\/b>The boost in inflows is good news: New foreign appetite, if sustained, could help shore up the EGP just as we head into a season of high domestic demand for FX as Ramadan approaches and China\u2019s holiday lull ends.<\/p>\n","protected":false},"excerpt":{"rendered":"

Carry traders are back in force, buying 100% of Monday T-bonds auction: Foreign investors, who have been increasingly showing up at government debt auctions, bought 100% of the EGP 1.16 bn worth of five-year treasury bonds offered on Monday, the Finance Ministry said in a statement. The central bank also held yesterday an auction on […]<\/p>\n","protected":false},"author":1,"featured_media":600444,"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":[72,2234,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-foreign-exchange","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4f372933-c872-4b9a-aa44-893c29212320","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/1\/2587.jpg","photo_position":"above","related_issue":[600438],"teaser":"","voice_url":""},"yoast_head":"\nTake note FX watchers: The carry trade is back in Egypt - 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\/01\/30\/take-note-fx-watchers-the-carry-trade-is-back-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Take note FX watchers: The carry trade is back in Egypt\" \/>\n<meta property=\"og:description\" content=\"Carry traders are back in force, buying 100% of Monday T-bonds auction: Foreign investors, who have been increasingly showing up at government debt auctions, bought 100% of the EGP 1.16 bn worth of five-year treasury bonds offered on Monday, the Finance Ministry said in a statement. 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The bills carry an average yield of 3.587%, falling slightly from 3.87% in the last similar auction in June, which saw Egypt\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":569651,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/03\/egyptian-stocks-hold-steady-following-sundays-rout\/","url_meta":{"origin":600443,"position":1},"title":"Egyptian stocks hold steady following Sunday\u2019s rout","author":"enterpriseam admin","date":"3 March 2020","format":false,"excerpt":"Egyptian stocks hold steady following Sunday\u2019s rout: Egyptian equities stabilized yesterday as global markets rebounded from last week\u2019s sell-off on hopes that central banks around the world will launch coordinated stimulus to mitigate against the economic fallout of the covid-19 virus. The EGX30 closed 0.55% in the green, led by\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\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599984,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/16\/egypt-treasuries-are-once-again-competitive-to-carry-traders\/","url_meta":{"origin":600443,"position":2},"title":"Egypt treasuries are once again competitive to carry traders","author":"enterpriseam admin","date":"16 January 2019","format":false,"excerpt":"Treasury bond yields have fallen to their lowest levels in six months: Average yields on 5- and 10-year treasury bonds auctioned by the central bank on Monday fell to their lowest since August and July, respectively, according to CBE data. Average yields for the 5- and 10-year notes were 18.030%,\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":570353,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/29\/central-bank-of-egypt-sells-more-t-bills-than-target-for-the-first-time-in-months\/","url_meta":{"origin":600443,"position":3},"title":"Central Bank of Egypt sells more t-bills than target for the first time in months","author":"enterpriseam admin","date":"29 March 2020","format":false,"excerpt":"CBE overshoots t-bill auction target for the first time in weeks: The Central Bank of Egypt sold EGP 25.96 bn of treasury bills in two auctions that sought to raise EGP 20 bn, according to the official data. The CBE sold EGP 12.42 bn of six-month bills in a EGP\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":617903,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/31\/cbe-auctions-off-more-egp-t-bills-this-time-at-a-much-lower-yield\/","url_meta":{"origin":600443,"position":4},"title":"CBE auctions off more EGP t-bills, this time at a much lower yield","author":"enterpriseam admin","date":"31 March 2024","format":false,"excerpt":"The one-year bills received offers over 4x its original ask and six-month bills 2x its ask","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2625.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596579,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/02\/egypts-t-bond-yields-hit-new-14-month-lows\/","url_meta":{"origin":600443,"position":5},"title":"Egypt\u2019s T-bond yields hit new 14-month lows","author":"enterpriseam admin","date":"2 July 2019","format":false,"excerpt":"T-bond yields hit new 14-month lows: Yields on T-bonds fell to their lowest levels since May 2018 in a bond auction last week as banks snapped up 3- and 7-year government bonds, CBE data (pdf) showed. Yields on 3-year bonds fell to 15.987% from 16.022%, while yields on 7-year notes\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600443","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=600443"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/600443\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/600438"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/600444"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=600443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=600443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=600443"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=600443"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=600443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}