{"id":632566,"date":"2018-02-14T04:15:34","date_gmt":"2018-02-14T04:15:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/what-were-tracking-on-14-february-2018\/"},"modified":"2018-02-14T04:15:34","modified_gmt":"2018-02-14T04:15:34","slug":"what-were-tracking-on-14-february-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/what-were-tracking-on-14-february-2018\/","title":{"rendered":"What we\u2019re tracking on 14 February 2018"},"content":{"rendered":"

<\/a> EXCLUSIVE- USD 4 bn eurobond issuance has closed and is 3x oversubscribed in a ringing endorsement of Egypt\u2019s macro fundamentals. <\/strong>\u201cIt\u2019s excellent news,\u201d Finance Minister Amr El Garhy told us on a call last night. \u201cEgypt has effectively re-opened the window for emerging market bond issuances despite the recent turmoil in global markets.\u201d<\/p>\n

Egypt successfully priced and closed a USD 4 bn, three-tranche offering.<\/strong> It breaks down as USD 1.25 bn in five-year notes with a yield of 5.58%; USD 1.25 bn in 10-year notes with a yield of 6.59%; and USD 1.5 bn in 30-year notes with a yield of 7.91%. \u201cThe pricing is very good in view of recent developments in international markets including rising US interest rates and\u2026sharp fluctuations in global capital markets during the past two weeks,\u201d the Finance Ministry said in a statement (pdf)<\/a>.<\/p>\n

Strong demand from all corners of the world, including new appetite from Asia and the Middle East: <\/strong>Turbulence in global markets over the last two weeks failed to curb investor appetite for the sale, which was 3x oversubscribed only a few hours into its launch, opening with a total order book north of USD 12 bn from some 550 investors<\/strong>. As expected, US and European institutions had strong appetite for the offering, but Middle Eastern and Asian funds are represented in the order book in larger numbers than they were in Egypt\u2019s previous offerings, Vice Minister of Finance Ahmed Kouchouk told us in a call overnight. \u201cThe issuance reflects foreign investors\u2019 continued confidence in the Egyptian economy and faith in the government\u2019s economic reform program,\u201d he said.<\/p>\n

Appetite was strong across all three tranches<\/strong>, capturing investors looking to exposure over both the short and long haul, among them global giants including Blackrock, Kouchouk said.<\/p>\n

Egypt is the first emerging market to close a eurobond offering since before the selloff, Kouchouk said<\/strong>, echoing El Garhy and noting that a number of other EM including Indonesia have postponed or called off offerings in view of the global climate right now.<\/p>\n

USD proceeds will be used to bolster the central bank\u2019s foreign currency reserves<\/strong>, the ministry statement notes. El Garhy had previously said<\/a> that the the bonds will be issued on the London and Luxembourg stock exchanges.<\/p>\n

The offering is being closely watched by the international press<\/strong>, with the Financial Times<\/a> noting (before the sale closed yesterday) that Egypt was betting on the international debt market in turbulent times.<\/p>\n

Advisors: <\/strong>HSBC, Citigroup, JPMorgan Chase & Co, Morgan Stanley, and National Bank of Abu Dhabi led the issuance. Al Tamimi & Co. and Dechert were legal advisors to the government, while Linklater and Zaki Hashem & Partners were counsel to the bankers.<\/p>\n

It\u2019s a busy news day here at home: Today is the Accidental Legislation and Regulation Edition of Enterprise<\/strong>, with a flood of news on key economic legislation, including the executive regulations to the Natural Gas Act; amendments to the Capital Markets Act; a preliminary nod from the House on the Consumer Protection Act; and changes to the Customs Act. We have chapter and verse in Speed Round, below.<\/p>\n

\u2026and <\/strong>all is quiet<\/strong><\/a> (at the moment) on the international front<\/strong> as markets seem to have taken a breather in anticipation of US inflation figures due out later today that the Financial Times<\/a> says will \u201cset a tone after a week of turmoil\u2026If the violent swings of the past few days have put portfolio managers on notice that the era of tranquil markets is over, the degree of inflationary pressure building in the US economy will be crucial in shaping what exactly the new environment looks like<\/strong> for fixed-income and equity investors.\u201d CNBC also has a solid take<\/a> on the story.<\/p>\n

Need an explainer on rising US inflation and what it means for markets?<\/strong> Reuters has got your back.<\/a><\/p>\n

The planned hike in the price of railway tickets has been delayed again until the end of the current school year<\/strong>, Transport Minister Hisham Arafat told reporters yesterday, according to Al Shorouk<\/a>. The delay, which follows months of confusion on when the new prices would be announced, comes as the ministry waits for more students and state employees to register for discount cards, the minister said.<\/p>\n

The general assembly of the House of Representatives is going into recess until 4 March<\/strong>, Al Shorouk reports<\/a>. No details were provided on the reasoning behind the two-week recess. We\u2019re also waiting for clarity on what this means for committee work, but our expectation is that committees will continue to meet. As we noted yesterday, parliament will also go into recess during the presidential elections, which are scheduled to take place on 26-28 March.<\/p>\n

It\u2019s a big day for Israel\u2026<\/strong> Police have recommended that Prime Minister Benjamin Netanyahu be indicted on charges of bribery, fraud and breach of trust, Reuters<\/a> and Bloomberg<\/a> report. The Israeli leader claims the charges are being trumped up by enemies. The investigations, one of which alleges bribes upwards of USD 280k, have been ongoing for a year and now move into the hands of the attorney general, meaning we\u2019re looking at weeks (if not months) of political turmoil wracking our eastern neighbor.<\/p>\n

\u2026and for South Africa<\/strong>, where the ruling ANC has ordered President Jacob Zuma to step down. Zuma appears to be defying the party, and there was \u201cconfusion on Tuesday evening over whether Zuma would address the public\u201d this morning, Reuters reports<\/a>.<\/p>\n

And from all of us to all of you out there, Happy Valentine\u2019s Day<\/strong>, in honor of which we join the Wall Street Journal in noting that \u201cnothing says love like a plate of chicken wings<\/a>.\u201d (The killjoys at the Journal would also like you to know that they believe dark chocolate is the only healthy choice of chocolate for Valentine\u2019s Day<\/a>. We maintain there is no such thing as bad chocolate other than white chocolate \u2026 which ain\u2019t chocolate.)<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- USD 4 bn eurobond issuance has closed and is 3x oversubscribed in a ringing endorsement of Egypt\u2019s macro fundamentals. \u201cIt\u2019s excellent news,\u201d Finance Minister Amr El Garhy told us on a call last night. \u201cEgypt has effectively re-opened the window for emerging market bond issuances despite the recent turmoil in global markets.\u201d Egypt successfully […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7204],"tags":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-632566","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4fe23da2-1802-4979-8945-e766d877d35e","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[632564],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 14 February 2018 - 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Egypt received offers for USD 9 bn on USD-denominated bonds, with 6-, 12-, and 30-year tenors. Egypt sold USD 1.125 bn worth of\u2026","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\/2021\/9\/348.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":645390,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/19\/what-were-tracking-on-19-july-2017\/","url_meta":{"origin":632566,"position":1},"title":"What we\u2019re tracking on 19 July 2017","author":"enterpriseam admin","date":"19 July 2017","format":false,"excerpt":"CIB confirmed to Reuters\u2019 Ehab Farouk yesterday it is allowing clients to buy up to USD 2k each month without requiring any proof of travel, but that any additional sums require documentation. Banque Misr is also allowing its clients to buy up to USD 2,000, but caps it there. A\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571763,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/31\/egypt-closes-record-usd-5-bn-eurobond-issuance-with-strong-appetite-from-global-investors\/","url_meta":{"origin":632566,"position":2},"title":"Egypt closes record USD 5 bn eurobond issuance with strong appetite from global investors","author":"enterpriseam admin","date":"31 May 2020","format":false,"excerpt":"Egypt closes record USD 5 bn eurobond issuance with strong appetite from global investors: Egypt sold USD 5 bn in eurobonds in its largest-ever international issuance, the Finance Ministry said in a statement. The issuance, which went to market on Thursday, 21 May, was 4.4x oversubscribed, having attracted bids for\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\/5\/247.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632696,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/18\/nigeria-closes-bond-issuance-after-egypt-re-opens-market-for-em-debt\/","url_meta":{"origin":632566,"position":3},"title":"Nigeria closes bond issuance after Egypt re-opens market for EM debt","author":"enterpriseam admin","date":"18 February 2018","format":false,"excerpt":"You\u2019re welcome, Nigeria: Nigeria sold USD 2.5 bn in eurobonds on Thursday as it sought to lower funding costs by using the notes to refinance higher-yielding naira debt, Bloomberg reports. Nigeria issued USD 1.25 bn of 12-year bonds with a yield of 7.14 % and a separate 20-year tranche, also\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":593048,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/egypt-successfully-closes-usd-2-bn-triple-tranche-eurobond-issuance\/","url_meta":{"origin":632566,"position":4},"title":"Egypt successfully closes USD 2 bn triple-tranche eurobond issuance","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"Egypt successfully closes USD 2 bn triple-tranche eurobond issuance in first int\u2019l debt auction for FY2019-2020: Egypt sold USD 2 bn-worth of four-, 12-, and 40-year USD-denominated eurobonds in an issuance that went to market on the Luxembourg Stock Exchange on Thursday, the Finance Ministry said. The offering was more\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":596159,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/20\/what-were-tracking-on-20-august-2019\/","url_meta":{"origin":632566,"position":5},"title":"What we\u2019re tracking on 20 August 2019","author":"enterpriseam admin","date":"20 August 2019","format":false,"excerpt":"We\u2019re just two days away from the Central Bank of Egypt\u2019s Monetary Policy Committee meeting. The general consensus among economists we polled in our survey this week is that the MPC will push ahead with the first rate cut since February, with most anticipating a 100 bps cut.Naeem Holdings\u2019 Yara\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/632566","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=632566"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/632566\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/632564"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=632566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=632566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=632566"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=632566"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=632566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}