{"id":606975,"date":"2023-09-25T00:00:00","date_gmt":"2023-09-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/25\/our-sovereign-bonds-could-be-removed-from-jp-morgans-em-index\/"},"modified":"2023-09-25T00:00:00","modified_gmt":"2023-09-25T00:00:00","slug":"our-sovereign-bonds-could-be-removed-from-jp-morgans-em-index","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/25\/our-sovereign-bonds-could-be-removed-from-jp-morgans-em-index\/","title":{"rendered":"Our sovereign bonds could be removed from JP Morgan\u2019s EM index"},"content":{"rendered":"

Egypt is being put on review for potential removal from JPMorgan\u2019s <\/strong> widely-tracked <\/strong> suite of <\/strong> emerging-market sovereign bond index <\/strong> es<\/strong>, Reuters<\/a> and Bloomberg<\/a> quote the investment bank as saying last week. The US bank will review Egypt\u2019s eligibility for its Government Bond Index-Emerging Markets (GBI-EM) series over the next three to six months, with the country\u2019s sovereign bonds remaining in the index during the review period. JPM\u2019s remarks do not appear to be in the public domain. <\/strong><\/p>\n

Blame the FX crunch: <\/strong> Investors are facing \u201cmaterial\u201d hurdles repatriating currency from local bonds, JPMorgan said. \u201cIf the hurdles cited by benchmarked investors persist, a status review will be triggered for Egypt's removal from the GBI-EM series.\u201d<\/p>\n

Remember: <\/strong>The country remains in the grip of an ongoing hard currency shortage, triggered in part by major foreign portfolio outflows as global economic conditions tightened following the outbreak of the Russia-Ukraine war. That FX liquidity crunch \u2014 alongside continued uncertainty about where the USD-EGP exchange rate could settle \u2014 may make it hard for foreign investors to repatriate the returns on their EGP-denominated bonds.<\/p>\n

We only recently re-entered the index: <\/strong>In a boon for passive inflows to the local debt market, 14 EGP-denominated sovereign bonds worth around USD 26 bn were added<\/a> to the GBI-EM Glob<\/a> al Diversified I<\/a> ndex<\/a> last year, giving Egypt a weighting of 1.85%. This was the first time Egypt re-joined the GBI-EM after it was kicked off the index in the wake of the volatility triggered by the 25 January revolution in 2011. Egypt\u2019s weighting in the index has since fallen to 1%.<\/p>\n

JPMorgan isn\u2019t the first to consider reclassifying Egyptian assets: <\/strong> Global index provider MSCI in June said it could consider reclassifying the status of its Egyptian indices from \u201cemerging\u201d to \u201cfrontier\u201d or \u201cstandalone\u201d<\/a> status, citing the FX liquidity crunch. <\/p>\n","protected":false},"excerpt":{"rendered":"

The investment bank has put Egyptian sovereign debt under review<\/p>\n","protected":false},"author":1,"featured_media":606976,"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":[7303],"tags":[102,88,115,72,262],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-debt-watch","tag-emerging-markets","tag-enterpriseam","tag-jpmorgan","wpautop","entry"],"acf":{"mongo_id":"ebff3a77-0e33-49a3-b18b-03cbb7d12e4c","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1451.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s sovereign bonds could be removed from JP Morgan\u2019s EM index","related_issue":[606970],"teaser":"The investment bank has put Egyptian sovereign debt under review","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.007b216e-6e05-44f0-ab74-3f769ed52c7e.mp3"},"yoast_head":"\nOur sovereign bonds could be removed from JP Morgan\u2019s EM index - 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The country is eligible for a weight of close to 1.85%, with 14 government bonds with a combined\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\/2021\/10\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592874,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/11\/attractive-bond-real-yield-rates-are-drawing-investors-to-egypt\/","url_meta":{"origin":606975,"position":1},"title":"Attractive bond real yield rates are drawing investors to Egypt","author":"enterpriseam admin","date":"11 November 2019","format":false,"excerpt":"With inflation dipping again, Egypt\u2019s real yield is still attractive to EM bond investors: Egypt is among the world\u2019s most promising markets when it comes to the real interest rate on our bonds, topping an index for inflation-adjusted returns with a real yield of 9.42%, Bloomberg reports. 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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":558269,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/03\/new-indices-to-track-government-bonds-coming-to-a-stock-exchange-near-you\/","url_meta":{"origin":606975,"position":4},"title":"New indices to track government bonds coming to a stock exchange near you","author":"enterpriseam admin","date":"3 August 2021","format":false,"excerpt":"The EGX is rolling out a new index for publicly-traded government treasuries that will be up and running later today, according to a statement (pdf). Four more sub-indices tracking sovereign debt instruments with varying tenors are expected to follow suit, a move the exchange says paves the way for different\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\/8\/70.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543430,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/egypt-rejoins-jpmorgan-bond-index\/","url_meta":{"origin":606975,"position":5},"title":"Egypt rejoins JPMorgan bond index","author":"enterpriseam admin","date":"1 February 2022","format":false,"excerpt":"Egypt rejoined JPMorgan\u2019s emerging-market bond index following a decade of absence yesterday in a move that could bring new passive flows into the local debt market. Fourteen EGP bonds worth around USD 26 bn have been added to the JPMorgan GBI-EM Global Diversified Index, giving Egypt a weighting of 1.85%,\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\/2\/2.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\/606975","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=606975"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606975\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606970"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606976"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606975"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606975"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}