{"id":629757,"date":"2018-04-01T03:45:36","date_gmt":"2018-04-01T03:45:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/"},"modified":"2018-04-01T03:45:36","modified_gmt":"2018-04-01T03:45:36","slug":"egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/","title":{"rendered":"Egypt\u2019s carry trade to stay \u201cgood\u201d until end of 2018 -Arqaam"},"content":{"rendered":"

<\/a> How\u2019s the rate cut going to hit the carry trade?<\/strong> The CBE\u2019s move to cut interest rates comes amid concerns that higher US interest rates will fuel a battle for funds among emerging markets, writes Bloomberg\u2019s Ahmed Feteha<\/a>. \u201cThere was a view that with inflation slowing so fast the central bank might cut more, but foreign investors will be reassured by relative caution,\u201d said Emso Asset Management economist Oliver Weeks. T-bill yields \u201ccould dip slightly but not by much, because the market was already expecting the lower rates<\/strong> even before the central bank started the easing cycle last month,\u201d said Mohamed Abu Basha, head of macro analysis at EFG Hermes. \u201cThe fact that the cuts seem to be gradual means that they will not put much pressure on yields.\u201d The yield on one-year T-bills fell 12 bps to 16.56% in the government\u2019s Thursday auction, according to Feteha.<\/p>\n

The Egyptian carry trade was, and will remain for a while, at least, \u201c\u2018the trade\u2019 of EM in fixed income,\u201d<\/strong> Arqaam Capital Head of Fixed Income Asset Management Abdul Kadir Hussain told Bloomberg TV<\/a>. Rates are coming down, and this will put pressure on the trade, but Hussain expects it to stay \u201cgood\u201d until the end of the year. It could get tougher starting from next year. Another similar \u201chomerun\u201d trade probably does not exist in the region right now, he says. Hussain also expects Egypt\u2019s CPI to ease further, seeing May\u2019s inflation reading coming in at 11.4%. Separately, Aviva Plc\u2019s emerging-market debt funds are wading into riskier bonds and its favorite bets in the USD-bond segment are \u201cEgypt, Ukraine, Paraguay, Argentina and corporate bonds in Brazil,\u201d according to Bloomberg<\/a> (watch, runtime 04:50).<\/p>\n","protected":false},"excerpt":{"rendered":"

How\u2019s the rate cut going to hit the carry trade? The CBE\u2019s move to cut interest rates comes amid concerns that higher US interest rates will fuel a battle for funds among emerging markets, writes Bloomberg\u2019s Ahmed Feteha. \u201cThere was a view that with inflation slowing so fast the central bank might cut more, but […]<\/p>\n","protected":false},"author":1,"featured_media":629758,"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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-629757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b9883215-67b0-4f80-831b-1b2704dbe1e2","order":"0","is_powered_by":true,"section_story_id":"3878e0d6-e1a1-4393-b63a-54fec53b7c0b","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/3\/1770.png","photo_position":"above","related_issue":[629747],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s carry trade to stay \u201cgood\u201d until end of 2018 -Arqaam - 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\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s carry trade to stay \u201cgood\u201d until end of 2018 -Arqaam\" \/>\n<meta property=\"og:description\" content=\"How\u2019s the rate cut going to hit the carry trade? The CBE\u2019s move to cut interest rates comes amid concerns that higher US interest rates will fuel a battle for funds among emerging markets, writes Bloomberg\u2019s Ahmed Feteha. \u201cThere was a view that with inflation slowing so fast the central bank might cut more, but […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-01T03:45:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2018\/3\/1770.png?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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s carry trade to stay \u201cgood\u201d until end of 2018 -Arqaam\",\"datePublished\":\"2018-04-01T03:45:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/\"},\"wordCount\":294,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2018\/3\/1770.png?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/egypts-carry-trade-to-stay-good-until-end-of-2018-arqaam\/\",\"name\":\"Egypt\u2019s carry trade to stay \u201cgood\u201d until end of 2018 -Arqaam - 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Official data yesterday showed that an auction of three-month t-bills fetched a yield\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":594541,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/01\/t-bill-yields-fall-in-first-post-rate-cut-auction\/","url_meta":{"origin":629757,"position":1},"title":"T-bill yields fall in first post-rate cut auction","author":"enterpriseam admin","date":"1 September 2019","format":false,"excerpt":"T-bill yields fall in first post-rate cut auction: Average yields on 6-month and 1-year government T-bills fell to 16.521% and 16.263%, respectively, in the first auction since the Central Bank of Egypt cut interest rates by 150 bps earlier this month, CBE data showed. That compares to yields of 16.9%\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":595490,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/29\/central-bank-of-egypt-cuts-rates-by-100-bps-in-line-with-expectations\/","url_meta":{"origin":629757,"position":2},"title":"Central Bank of Egypt cuts rates by 100 bps, in line with expectations","author":"enterpriseam admin","date":"29 September 2019","format":false,"excerpt":"In line with expectations, CBE cuts rates: The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) cut interest rates by 100 bps on Thursday, the CBE said in a statement (pdf). The central bank cited last month\u2019s inflation figures, which hit a six-year low, as well as declining unemployment and\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\/2018\/11\/1115.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":629757,"position":3},"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":[]},{"id":593140,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/19\/central-bank-of-egypt-sells-usd-1-56-bn-in-1-year-usd-t-bills\/","url_meta":{"origin":629757,"position":4},"title":"Central Bank of Egypt sells USD 1.56 bn in 1-year USD T-Bills","author":"enterpriseam admin","date":"19 November 2019","format":false,"excerpt":"CBE sells USD 1.56 bn in 1-year USD T-Bills: The Central Bank of Egypt (CBE) sold yesterday USD 1.56 bn in 1-year USD-denominated T-bills, official CBE data shows. 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":596345,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/26\/interest-rate-cut-could-save-egypts-coffers-egp-15-in-debt-service\/","url_meta":{"origin":629757,"position":5},"title":"Interest rate cut could save Egypt\u2019s coffers EGP 15 in debt service","author":"enterpriseam admin","date":"26 August 2019","format":false,"excerpt":"Last week\u2019s interest rate cut could save Egypt\u2019s coffers EGP 15 bn in debt service: The Finance Ministry could spend EGP 10-15 bn less on interest it owes to investors during 2Q FY2019\/2020 after the Central Bank of Egypt (CBE) last week cut benchmark rates by 150 bps, unnamed government\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\/2018\/11\/1115.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\/629757","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=629757"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629757\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/629747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/629758"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=629757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=629757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=629757"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=629757"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=629757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}