{"id":616682,"date":"2024-03-10T00:00:00","date_gmt":"2024-03-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/investors-are-loving-egp-t-bills\/"},"modified":"2024-03-10T00:00:00","modified_gmt":"2024-03-10T00:00:00","slug":"investors-are-loving-egp-t-bills","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/investors-are-loving-egp-t-bills\/","title":{"rendered":"Investors are loving EGP t-bills"},"content":{"rendered":"

Investor appetite for local debt has returned post-float: <\/strong>The central bank raised EGP 87.8 bn in a one-year t-bill auction on Thursday \u2014 receiving offers for almost 3x the amount sold. The bills were sold at an interest rate of 32.3%. It also sold EGP 14.2 bn worth of six-month t-bills. Prominent investment banks like Goldman Sachs, Citibank, and Morgan Stanley were among the investors, Asharq Business<\/a> reported, citing an unnamed government official.<\/p>\n

Foreign investors contributed heavily: <\/strong>International investors bought up USD 825 mn (c. EGP 40.7 bn) of the EGP 102 bn-worth of bills sold, according to Reuters<\/a>. <\/p>\n

Remember:<\/strong> A senior Finance Ministry official told us last week<\/a> that a 30% or higher return on t-bills is squarely in the range that they\u2019ve been told by foreign institutions would bring them back.<\/p>\n

Driving the rally: <\/strong>The recent wave of reforms \u2014 EGP float and jumbo rate hike \u2014 paired with incoming liquidity from the Ras El Hekma agreement and the USD 8 bn IMF agreement has restored investor confidence in local debt. <\/p>\n

A vote of confidence:<\/strong> HSBC said it is optimistic that Egypt\u2019s economy can stabilize and return to growth following the recent policy measure, but thinks that it will take time for the EGP to \u201cfind its level\u201d \u2014 seeing the exchange rate settling in the range of EGP 40-45 to the USD, HSBC said in a note seen by Enterprise. <\/p>\n

Don\u2019t get too excited: <\/strong>Growth will \u201ctake longer to turn, however, as fresh fiscal and monetary tightening take their toll and real wages stall,\u201d the bank added.<\/p>\n

Also helping: <\/strong>JPMorgan and Citigroup recommended buying one-year EGP t-bills, with Citigroup telling its clients to stop-loss if the EGP weakens to 60 against the greenback. Meanwhile, BlueBay Asset Management bought up local t-bills after five years of being wary \u2014 \u201cWe are constructive short term, because they've delivered pretty much everything apart from a cabinet reshuffle,\u201d the firm's EM head Polina Kurdyavko said. <\/p>\n

We\u2019re not expecting the hype to die anytime soon: <\/strong>Egypt is now offering the third-highest yield on local-currency bonds among 23 emerging markets tracked by Bloomberg<\/a>. \u201cThe next trade probably is Egypt local,\u201d the news outlet quoted Vanguard Asset Services\u2019 Nick Eisinger as saying. \u201cNow that the foreign exchange rate is cheaper, rates have risen and the funding outlook is stronger and not many people own Egypt local, we would buy local,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

International investors bought up USD 825 mn of the bills sold<\/p>\n","protected":false},"author":1,"featured_media":616683,"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":[7206],"tags":[271,104,72,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"7eec1106-cde7-43d7-92cd-b6c24921eb14","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/752.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Investors pour funds into Egypt\u2019s first local currency t-bill auction post-float","related_issue":[616674],"teaser":"International investors bought up USD 825 mn of the bills sold","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.d78e9f3e-56c8-46c4-b804-687e2956c138.mp3"},"yoast_head":"\nInvestors are loving EGP t-bills - 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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":569016,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/11\/egp-surges-to-new-three-year-highs-against-the-greenback\/","url_meta":{"origin":616682,"position":2},"title":"EGP surges to new three-year highs against the greenback","author":"enterpriseam admin","date":"11 February 2020","format":false,"excerpt":"CURRENCY WATCH- EGP surges to new three-year highs against the greenback: The EGP rallied yesterday to its highest value against the USD since it was floated three years ago as part of the country\u2019s IMF-backed economic reform program, Reuters reports. The greenback was changing hands at EGP 15.67 yesterday. 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