{"id":623532,"date":"2024-06-06T00:00:00","date_gmt":"2024-06-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/06\/is-egypt-looking-to-make-its-return-to-the-international-debt-market\/"},"modified":"2024-06-06T00:00:00","modified_gmt":"2024-06-06T00:00:00","slug":"is-egypt-looking-to-make-its-return-to-the-international-debt-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/06\/is-egypt-looking-to-make-its-return-to-the-international-debt-market\/","title":{"rendered":"Is Egypt looking to make its return to the international debt market?"},"content":{"rendered":"

Good morning, folks. <\/strong>We are closing out the week with a brisk issue led by news of the Finance Ministry mulling tapping the international debt market. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> Is Egypt looking to tap the international debt market? <\/strong>Enterprise has learnt that a number of government officials are in London today to gauge foreign appetite for fresh debt issuances, including the possibility of a eurobond issuance.<\/p>\n

The government is on the edge: <\/strong>Back in April, Finance Minister Mohamed Maait said<\/a> that the government has not yet decided whether to tap the international debt market in the next fiscal year, adding that the ministry will begin looking into the matter within the first two months of the next fiscal year. If the government does decide to tap foreign debt markets, foreign issuances will account for only a small portion of its debt portfolio, he added.<\/p>\n

How much are we talking? <\/strong>The government has jotted down USD 1.5 bn in foreign bond issuance for the fiscal year 2024-2025. Although the figure isn\u2019t binding, it gives us an idea of how much international debt the government could be looking to issue next year. <\/p>\n

A recap of this year: <\/strong>The government went through with local-currency issuances in China<\/a> and Japan<\/a>, which raised the equivalent of USD 980 mn in CNY- and JPY-denominated debt.<\/p>\n

A note from the editor: <\/b>An earlier version of the story above incorrectly noted that Egypt issued sovereign sukuk in the current fiscal year. The story was updated on 6 June 2024 to delete this mention.<\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> Export subsidy payouts begin:<\/strong> The Finance Ministry will begin disbursing the first batch of export subsidies under the seventh phase of the program today, according to a statement<\/a>. Some 360 exporters will start receiving some EGP 10 bn in export subsidies during this phase \u2014 the second and third batches are scheduled for 27 June and 8 August. <\/p>\n

DATA POINTS- <\/p>\n

<\/a> #1- Remittances from Egyptians abroad surged 43.8% y-o-y in April<\/strong> to USD 2.2 bn, a central bank source told Youm7<\/a>. On a monthly basis, remittances increased for the second consecutive month, rising 2.6%. <\/p>\n

Remember:<\/strong> Egyptians abroad have started sending more of their remittances<\/a> through official channels after the float of the EGP. Remittance inflows saw a major dip over the past year or so as Egyptians abroad either held onto their money or sent it back through parallel mechanisms \u2014 remittances were down 30% y-o-y in 2023. The government said it wants to raise remittances \u2014 one of Egypt\u2019s biggest sources of FX \u2014 from Egyptian expats by 10% each year<\/a> to reach USD 53 bn by 2030.<\/p>\n

<\/a> #2- Egyptian companies came in third in a list of new <\/strong>non-Emirati companies<\/a><\/strong>joining the Dubai Chamber of Commerce<\/a><\/strong>, with 1.4k Egyptian companies joining the chamber during the first quarter of the year. Indian businesses topped the list with 4.4k new members and they were followed by Pakistan companies. <\/p>\n

PSA-<\/p>\n

WEATHER- It\u2019s another hot day in Cairo<\/strong>, with a high of 41\u00b0C and a low of 27\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler in Alexandria<\/strong>, with a high of 32\u00b0C and a low of 22\u00b0C.<\/p>\n

And over the weekend<\/strong>, expect to see highs of 41\u00b0C and lows of 24\u00b0C in the capital.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Want to subscribe?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

CIRCLE YOUR CALENDAR- <\/p>\n

All aboard for 2027: <\/strong>The first phase of the Cairo Metro Line 4 will open in 2027, National Tunnels Authority chairman Tarek Gewaily told Asharq Business<\/a>. The 19-km first stage of the line will have<\/a> 17 stations and connect Cairo, Giza, and the outskirts of Sixth of October, and provide access to the Grand Egyptian Museum. The second phase of the project will extend the line all the way to New Cairo.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

THE BIG STORY ABROAD- <\/p>\n

<\/a> US chipmaker Nvidia passed Apple in market cap<\/strong> yesterday, becoming the world\u2019s second-most valuable public company behind Microsoft with a market capitalization of USD 3 tn. The company\u2019s shares rose over 5% yesterday to close at a record USD 1,224.40 each triggered by the artificial intelligence boom. (CNN<\/a> | Reuters<\/a> | Bloomberg<\/a> | CNBC<\/a>)<\/p>\n

Number one next? <\/strong>\u201cIt may be a foregone conclusion that Nvidia will overtake Microsoft as well. There's a lot of retail [investor] money that's piling in on what they see as a straight shot up,\u201d Longbow Asset Management CEO Jake Dollarhide said, adding that \u201cNvidia is making money on AI right now, and companies like Apple and Meta are spending on AI.\u201d <\/p>\n

DATA POINT- <\/strong>This makes Nvidia the third company in the US to cross the USD 3 tn mark, after Apple and Microsoft. <\/p>\n

Nvidia\u2019s gains pushed S&P 500 to a fresh high<\/strong>, with the index rising 1.18% to close at 5,354 \u2014 it has gained 12.3% since the beginning of the year. <\/p>\n

AND- Canada has become the first G7 country to cut rates:<\/strong> The Bank of Canada (BoC) cut its interest rate by 25 bps yesterday, pushing rates to 4.75% after almost a year of holding them at 5%. The move makes Canada the first G7 member to slash rates. <\/p>\n

In perspective: <\/strong>Canada\u2019s decision to cut rates contrasts with the US Federal Reserve, which is widely expected to cut rates once this year, thanks to \u201cstickier\u201d inflation. \u201cThere are limits to how far we can diverge from the United States, but we're not close to those limits,\u201d BoC Governor Tiff Macklem said. (FT<\/a> | Reuters<\/a> | Bloomberg<\/a> | Wall Street Journal<\/a> | Globe and Mail<\/a>)<\/p>\n

The European Central Bank could follow suit today <\/strong>when it meets to review rates \u2014 see this morning\u2019s Planet Finance, below. The Central Bank of Egypt doesn\u2019t meet until 18 July<\/strong>.<\/p>\n

AND YOUR DAILY DOSE OF ELECTION COVERAGE- <\/strong>The AP takes note<\/a> of the dissatisfaction among voters as we approach the halfway point of one particularly election-heavy year.<\/p>\n

IN CLIMATE NEWS- <\/strong>The Associated Press<\/a> lists all the climate records that have been broken recently and ask the question: How worried should we be? <\/p>\n","protected":false},"excerpt":{"rendered":"

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The expansions include adding 120 new hospital beds, expanding\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":568142,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/20\/fresh-eurobonds-arent-in-the-cards-yet-maait\/","url_meta":{"origin":623532,"position":2},"title":"Fresh eurobonds aren\u2019t in the cards yet -Maait","author":"enterpriseam admin","date":"20 December 2020","format":false,"excerpt":"The Finance Ministry doesn\u2019t have any immediate plans to take a USD 7 bn eurobond sale to market in 1H2021, Finance Minister Mohamed Maait told Kelma Akhira\u2019s Lamees El Hadidi yesterday (watch, runtime: 3:17). Maait denied an earlier report from Asharq Bloomberg suggesting that Egypt is actively moving towards a\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":659219,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/23\/egypt-to-return-to-international-debt-markets-as-soon-as-next-month\/","url_meta":{"origin":623532,"position":3},"title":"Egypt to return to international debt markets as soon as next month?","author":"enterpriseam admin","date":"23 January 2025","format":false,"excerpt":"The country is planning to issue between USD 1-1.5 bn worth of green bonds or eurobonds","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1658.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560727,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/10\/debt-costs-fall-in-1h2020-2021\/","url_meta":{"origin":623532,"position":4},"title":"Debt costs fall in 1H2020-2021","author":"enterpriseam admin","date":"10 March 2021","format":false,"excerpt":"Egypt\u2019s debt service bill dipped 5% y-o-y in 1H2020-2021 to EGP 501.1 bn, according to a Finance Ministry report (pdf). The government made some EGP 224 bn in interest payments towards domestic debt obligations and another EGP 21.5 bn in foreign interest payments during the six-month period, in addition to\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":568064,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/what-were-borrowing-in-1h2021\/","url_meta":{"origin":623532,"position":5},"title":"What we\u2019re borrowing in 1H2021","author":"enterpriseam admin","date":"16 December 2020","format":false,"excerpt":"The Finance Ministry reportedly plans to sell USD 7 bn-worth of EUR- and USD-denominated eurobonds in 1H2021, Asharq Bloomberg suggests. 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