{"id":603083,"date":"2019-04-15T03:58:21","date_gmt":"2019-04-15T03:58:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/"},"modified":"2019-04-15T03:58:21","modified_gmt":"2019-04-15T03:58:21","slug":"egyptian-securities-to-be-euroclearable-in-six-months-time","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/","title":{"rendered":"Egyptian securities to be Euroclearable in six months\u2019 time"},"content":{"rendered":"

<\/a> Egypt eyes \u201ceuroclearable\u201d sovereign debt issuance in September:<\/b> The government is looking to announce a sovereign debt issuance that can be cleared through Belgium-based clearinghouse Euroclear by late September, Finance Minister Mohamed Maait told Reuters<\/a>. The minister had said over the weekend<\/a> that the Finance Ministry has signed an MoU with Euroclear to make EGP-denominated debt clearable through the outfit, which a source close to the matter tells Reuters will officially be announced today. Having domestic debt available via Euroclear will facilitate settlement for overseas investors, who can currently only access the debt market through a few local banks licensed to operate as primary dealers<\/a>.<\/p>\n

The agreement with Euroclear could be expanded in the future<\/b> to cover domestic debt instruments, said Stephan Pouyat, Euroclear\u2019s global head of capital markets and fund services. \u201cWe are not just going to do the government bonds. We will start by that, because that\u2019s what international investors need,\u201d Pouyat said. \u201cThe intention is for the market to eventually become Euroclearable, creating a cross-border link to enable international investment in Egyptian domestic debt instruments.\u201d<\/p>\n

Background:<\/b> Maait opened talks with Euroclear last September<\/a>. He also said earlier this week that Egypt will not issue samurai, panda or green bonds or sukuk before the next fiscal year to give the government more time to prepare and comply with Euroclear regulatory requirements. The issuances were originally planned to take place in the current fiscal year. The ministry had said last week<\/a> that Egypt would not tap the international debt market again this fiscal year, after successfully selling EUR 2 bn-worth of eurobonds that was more than 4x oversubscribed.<\/p>\n

IPO WATCH- Egypt could sell stakes in up to six state-owned companies by end-June 2020, <\/b>Maait also told Reuters. The minister was otherwise tight-lipped on the state privatization program, saying only that the government may announce something before June. \u201cIt hurts us when we announce early,\u201d he said. This comes as Heliopolis Company for Housing and Development plans to begin today auctioning off part of its land portfolio<\/b>, which could be a prelude to its stake sale on the EGX, managing director for financial affairs Sahar El Damaty tells Al Mal<\/a>. El Damaty said last month<\/a> the company was planning to offer a 32.25% stake on the EGX by mid-2019.<\/p>\n

Background:<\/b> Sources close to the matter said last week<\/a> that the government is gearing up to sell a 20% stake of Abu Kir Fertilizers on the EGX, but had not specified a timeline. Public Enterprises Minister Hisham Tawfik previously said all offerings in the first wave of companies piloting the program \u2014 which will only see share sales and not IPOs \u2014 would wrap up before the Eid El Fitr break. Eastern Tobacco, whose 4.5% secondary offering went to market last month, Abu Kir, Alexandria Containers & Cargo Handling, and Heliopolis Housing, together comprise the first wave.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt eyes \u201ceuroclearable\u201d sovereign debt issuance in September: The government is looking to announce a sovereign debt issuance that can be cleared through Belgium-based clearinghouse Euroclear by late September, Finance Minister Mohamed Maait told Reuters. The minister had said over the weekend that the Finance Ministry has signed an MoU with Euroclear to make EGP-denominated […]<\/p>\n","protected":false},"author":1,"featured_media":603084,"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":[7106,72,714,2380,587,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-603083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-debt","tag-enterpriseam","tag-euroclear","tag-speed-round","tag-state-privatization-program","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"82e8bceb-2dc8-4c8a-a494-84c8adc9808b","is_powered_by":true,"section_story_id":"94e8e5a6-b23c-4ee8-9d0f-006726cc6f62","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/773.jpg","photo_position":"above","related_issue":[603076],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian securities to be Euroclearable in six months\u2019 time - 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\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian securities to be Euroclearable in six months\u2019 time\" \/>\n<meta property=\"og:description\" content=\"Egypt eyes \u201ceuroclearable\u201d sovereign debt issuance in September: The government is looking to announce a sovereign debt issuance that can be cleared through Belgium-based clearinghouse Euroclear by late September, Finance Minister Mohamed Maait told Reuters. The minister had said over the weekend that the Finance Ministry has signed an MoU with Euroclear to make EGP-denominated […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-15T03:58:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.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\/2019\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egyptian securities to be Euroclearable in six months\u2019 time\",\"datePublished\":\"2019-04-15T03:58:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/\"},\"wordCount\":479,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1\",\"keywords\":[\"debt\",\"EnterpriseAM\",\"Euroclear\",\"SPEED ROUND\",\"state privatization program\",\"treasuries\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/04\/15\/egyptian-securities-to-be-euroclearable-in-six-months-time\/\",\"name\":\"Egyptian securities to be Euroclearable in six months\u2019 time - 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The delegation sat down with Misr\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\/6\/1593.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598034,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/13\/euroclear-is-looking-to-tap-domestic-banks-to-help-settle-government-debt\/","url_meta":{"origin":603083,"position":1},"title":"Euroclear is looking to tap domestic banks to help settle government debt","author":"enterpriseam admin","date":"13 May 2019","format":false,"excerpt":"EXCLUSIVE- Euroclear is looking to tap domestic banks to help settle government debt: Belgium-based clearinghouse Euroclear is to select a number of local banks from among primary dealers to assist in the settlement of government debt, a senior government official told Enterprise. Chosen banks will be among those with the\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":556514,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/egypt-needs-to-fix-withholding-tax-calculation-to-get-euroclearable-status\/","url_meta":{"origin":603083,"position":2},"title":"Egypt needs to fix withholding tax calculation to get Euroclearable status","author":"enterpriseam admin","date":"28 October 2021","format":false,"excerpt":"A tax calculation issue could be the reason behind slow progress on Euroclearable debt: An issue in how Egypt calculates the withholding tax on government securities is what\u2019s been delaying making the country\u2019s debt Euroclearable, Euroclear head of global capital markets Sudip Chatterjee said yesterday during Saudi\u2019s ongoing FII conference,\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594089,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/20\/egypt-signs-agreement-with-euroclear\/","url_meta":{"origin":603083,"position":3},"title":"Egypt signs agreement with Euroclear","author":"enterpriseam admin","date":"20 October 2019","format":false,"excerpt":"Egyptian debt is one step closer to being Euroclearable: Egypt signed a \u201cterms and conditions\u201d agreement with Euroclear on the sidelines of the IMF and World Bank annual meetings in Washington, cabinet said in a statement yesterday. The agreement paves the way for local debt issuances to be cleared with\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\/1\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576286,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/egyptian-bonds-wont-be-euroclearable-for-at-least-another-year\/","url_meta":{"origin":603083,"position":4},"title":"Egyptian bonds won\u2019t be \u201cEuroclearable\u201d for at least another year.","author":"enterpriseam admin","date":"18 November 2020","format":false,"excerpt":"EXCLUSIVE- In other debt news, don\u2019t expect Egypt\u2019s sovereign debt to be \u201cEuroclearable\u201d for at least another year: Egypt expects to meet the terms and conditions to allow its local debt issuances to be cleared with Euroclear in a year\u2019s time, Mohamed Hegazy, head of the Finance Ministry\u2019s debt management\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":543388,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/were-looking-to-join-euroclear-during-2h2022-another-round-of-green-bonds\/","url_meta":{"origin":603083,"position":5},"title":"We\u2019re looking to join Euroclear during 2H2022 + Another round of green bonds","author":"enterpriseam admin","date":"31 January 2022","format":false,"excerpt":"We likely won\u2019t join Euroclear until 2H2022: Local Egyptian debt probably won\u2019t be made \u201cEuroclearable\u201d until the second half of 2022 due to an unresolved \u201ctechnical point\u201d between the government and the Belgium-based clearinghouse, Finance Minister Mohamed Maait told CNBC Arabia (watch, runtime: 5:26).Why is Euroclear a big thing for\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\/538.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\/603083","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=603083"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603083\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/603076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/603084"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=603083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=603083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=603083"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=603083"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=603083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}