{"id":632968,"date":"2018-02-25T04:06:51","date_gmt":"2018-02-25T04:06:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/what-were-tracking-on-25-february-2018\/"},"modified":"2018-02-25T04:06:51","modified_gmt":"2018-02-25T04:06:51","slug":"what-were-tracking-on-25-february-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/25\/what-were-tracking-on-25-february-2018\/","title":{"rendered":"What we\u2019re tracking on 25 February 2018"},"content":{"rendered":"<p><strong>Egypt\u2019s USD 4 bn in eurobonds listed on LSE:<\/strong> The listing of <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/14\/what-were-tracking-on-14-february-2018\/\">Egypt\u2019s successful USD 4 bn multi-tranche eurobonds<\/a> on the London Stock Exchange (LSE) was completed last Wednesday, the LSE said in <a href=\"http:\/\/www.mondovisione.com\/media-and-resources\/news\/egypt-successfully-raises-4bn-triple-tranche-bonds-in-london\/\">a press release on Thursday<\/a>. \u201cDespite market volatility, the order book peaked at USD 12.5 bn,\u201d the bourse added. \u201cAs a global market, LSE is committed to supporting Egypt\u2019s economic development and growth program through capital raising on our markets,\u201d said LSE CEO Nikhil Rathi. \u201cWe are honored to welcome Egypt\u2019s multi-tranche bond listing to our markets, which reflects the City\u2019s ability to provide a deep, liquid and complimentary channel of finance for the development of the country,\u201d he added. \u201cThis will send a strong message of global investor support for Egypt\u2019s economic reform programme,\u201d said the UK\u2019s Minister of State for the Foreign and Commonwealth Office and Department of International Development, Alistair Burt.<\/p>\n<p><strong>Proceeds from the issuance have already hit Egypt<\/strong>, Finance Minister Amr El Garhy <a href=\"http:\/\/www.youm7.com\/story\/2018\/2\/22\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%84%D9%80-%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D8%A7%D9%84%D8%B3%D8%A7%D8%A8%D8%B9-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D9%84%D9%85%D8%AA-4-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/3662671\">told Youm7 on Thursday<\/a>, bringing Egypt\u2019s net FX reserves to around USD 41 bn, <a href=\"http:\/\/www.youm7.com\/story\/2018\/2\/24\/%D8%A7%D9%84%D8%A7%D8%AD%D8%AA%D9%8A%D8%A7%D8%B7%D9%89-%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%89-%D9%8A%D8%B1%D8%AA%D9%81%D8%B9-%D9%84%D8%A3%D9%83%D8%AB%D8%B1-%D9%85%D9%86-41-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A8%D8%B9%D8%AF-%D9%88%D8%B5%D9%88%D9%84\/3663791\">banking sources told the newspaper<\/a>. We\u2019re not getting the math on this one, since the <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/05\/egypts-net-fx-reserves-rose-to-usd-38-2-bn-in-january\/\">CBE reported earlier this month<\/a> that reserves in January had reached USD 38.2 bn. Assuming this is not the only source of FX in Egypt this month, the reserves figure is likely larger.<\/p>\n<p><strong>Egypt\u2019s issuance re-opened the market for EM debt, as successful African eurobond issuances underscore.<\/strong> Investors placed USD 14 bn of orders for Kenya\u2019s USD 2 bn eurobond issuance last week Wednesday, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-02-22\/-14-billion-order-book-shows-investors-still-crave-african-bonds\">Bloomberg notes<\/a>. Nigeria\u2019s USD 2.5 bn sale, which also followed Egypt\u2019s, landed orders for USD 12 bn. And there\u2019s more to come, apparently, from Cote D\u2019Ivoire and Ghana. \u201cThis is a hunt for yield story, it\u2019s very simple,\u201d one banker involved in the Kenya issuance <a href=\"https:\/\/www.ft.com\/content\/6e71b16a-17df-11e8-9e9c-25c814761640\">tells the Financial Times<\/a>. Two factors are bringing sub-Saharan African issuers to the market: refinancing and the funding of infrastructure projects, another banker said.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Gov\u2019t begins extensive local bank borrowing today after interest rate cuts:<\/strong> The Ismail government is increasing its appetite for domestic borrowing following the interest rate cuts with a planned EGP 16 bn T-bill sale today, <a href=\"http:\/\/www.youm7.com\/story\/2018\/2\/24\/%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D8%AA%D9%82%D8%AA%D8%B1%D8%B6-16-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87-%D9%85%D9%86-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%BA%D8%AF%D8%A7\/3663783\">according to Youm7<\/a>. Vice Minister of Finance Ahmed Kouchouk <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/19\/govt-planning-usd-3-4-bn-eurobond-issuance-in-fy2018-19\/\">had said last week<\/a> that Egypt will floating more EGP-denominated paper as long-term borrowing costs in Egypt get cheaper. Analysts, <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/15\/what-were-tracking-on-15-february-2017-2\/\">including those from Capital Economics<\/a>, had hoped that falling interest rates might help move domestic credit more towards the private sector, after years of heavy government borrowing that some felt had crowded out the private sector.<\/p>\n<p><strong>Foreign Minister Sameh Shoukry is <\/strong><a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/1896588810413056\"><strong>heading to Brussels and Geneva today<\/strong><\/a><strong> for a short visit<\/strong>. Shoukry is set to take part in a meeting tomorrow between the foreign ministers of the Six-Party Arab Committee on Jerusalem and their European counterparts at the EU headquarters in Brussels. He will then head to Geneva to deliver Egypt\u2019s speech at the UN Human Rights Council and the UN-sponsored Conference on Disarmament.<\/p>\n<p><strong>Egypt ranked 117 out of 180 countries in Transparency International\u2019s <\/strong><a href=\"https:\/\/www.transparency.org\/news\/feature\/corruption_perceptions_index_2017\"><strong>2017 Corruption Perception Index<\/strong><\/a>, dropping nine spots from the previous year. Egypt\u2019s score also dropped to 32 from 34. The index measures public sector corruption, as perceived by experts and businesspeople, giving scores between 0 (highly corrupt) and 100 (very clean).<\/p>\n<p><strong>Banners, banners everywhere: <\/strong>Campaigning for Egypt\u2019s upcoming presidential election officially kicked off yesterday, <a href=\"http:\/\/www.dailymail.co.uk\/wires\/afp\/article-5430113\/Egypt-presidential-race-starts-Sisi-favourite-win.html\">AFP reports<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Legendary investor Warren Buffett\u2019s annual letter to shareholders is out<\/strong>, and as usual, it is a model of clear, blunt writing. We\u2019re not certain this year\u2019s letter was written by the <a href=\"http:\/\/fortune.com\/2014\/07\/01\/fortunes-carol-loomis-to-retire\/\">legendary, retired Fortune writer Carol Loomis<\/a>, but her DNA is everywhere to see. Among our favorite passages: \u201c<strong>Charlie and I view the marketable common stocks that Berkshire owns as interests in businesses, not as ticker symbols to be bought or sold based on their \u2018chart\u2019 patterns, the \u2018target\u2019 prices of analysts or the opinions of media pundits.<\/strong> Instead, we simply believe that if the businesses of the investees are successful (as we believe most will be) our investments will be successful as well. Sometimes the payoffs to us will be modest; occasionally the cash register will ring loudly. And sometimes I will make expensive mistakes. Overall \u2013 and over time \u2013 we should get decent results. In America, equity investors have the wind at their back.\u201d <a href=\"http:\/\/www.berkshirehathaway.com\/letters\/2017ltr.pdf\"><strong>Read the full letter here (pdf).<\/strong><\/a><\/p>\n<p><strong>Chinese automaker Geely, already a presence in Egypt via GB Auto, has added a 10% stake in Mercedes-Benz parent company<\/strong> Daimler to its portfolio, making it <a href=\"https:\/\/www.ft.com\/content\/68c57048-18c1-11e8-9376-4a6390addb44\">the latter\u2019s largest single shareholder<\/a>. Geely, the most globally ambitious of the Chinese automakers, already owns Volvo and Lotus.<\/p>\n<p><strong>Oil output to rise in 2019?<\/strong> \u201cOPEC and its allies including Russia may next year ease the crude-output curbs that have helped prices recover from the worst crash in a generation, according to Saudi Arabia\u2019s oil minister,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-02-24\/saudis-see-oil-output-cuts-easing-in-2019-without-hurting-market\">Bloomberg reports<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s USD 4 bn in eurobonds listed on LSE: The listing of Egypt\u2019s successful USD 4 bn multi-tranche eurobonds on the London Stock Exchange (LSE) was completed last Wednesday, the LSE said in a press release on Thursday. \u201cDespite market volatility, the order book peaked at USD 12.5 bn,\u201d the bourse added. \u201cAs a global [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":632969,"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-632968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"f24dceb3-7fc1-4943-acde-eaa27282c6b5","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/2\/407.jpg","photo_position":"above","related_issue":[632966],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Today our issue is chock full of new investments, AI market updates, and all the recs you never knew you needed.THE BIG STORY TODAY #1- Egypt has officially returned to international debt markets with its first USD bond issuance in nearly\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/2045.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620195,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/this-evening-idh-to-delist-from-egypts-stock-exchange\/","url_meta":{"origin":632968,"position":1},"title":"THIS EVENING: IDH to delist from Egypt\u2019s stock exchange?","author":"enterpriseam admin","date":"16 May 2024","format":false,"excerpt":"Good afternoon, folks and happy Thursday. The weekend is finally here and temperature has shot up, bidding us to stay in the shade and in the vicinity of our air conditioners. THE BIG STORY TODAY Integrated Diagnostics Holdings (IDH) could soon delist its shares from the Egyptian Stock Exchange (EGX)\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575502,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/18\/egypt-lists-green-bonds-on-london-stock-exchange\/","url_meta":{"origin":632968,"position":2},"title":"Egypt lists green bonds on London Stock Exchange","author":"enterpriseam admin","date":"18 October 2020","format":false,"excerpt":"Egypt\u2019s five-year sovereign green bonds are now listed on the London Stock Exchange (LSE), the exchange said in a statement on Thursday. The USD 750 mn issuance \u2014 the first of its kind in the MENA region \u2014 was almost 5x oversubscribed, fetching more than USD 3.8 bn in bids\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/181.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":647200,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/04\/kuwait-energy-seeking-premium-listing-on-lse\/","url_meta":{"origin":632968,"position":3},"title":"Kuwait Energy seeking premium listing on LSE","author":"enterpriseam admin","date":"4 May 2017","format":false,"excerpt":"Kuwait Energy is seeking a premium listing on the London Stock Exchange in a bid to fund growth across MENA, according to Reuters. The company will \u201capply for admission in June, hoping to achieve a sufficient free float to meet the eligibility requirements for a premium listing.\u201d Kuwait Energy CEO\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":634239,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/10\/abraaj-mulling-healthcare-listing-on-lse-and-nyse\/","url_meta":{"origin":632968,"position":4},"title":"Abraaj mulling healthcare listing on LSE and NYSE","author":"enterpriseam admin","date":"10 January 2018","format":false,"excerpt":"IPO WATCH- Is emerging markets private equity giant Abraaj looking to list its Middle East healthcare subsidiaries in London or New York? The Abraaj Group is reportedly mulling the London Stock Exchange and the New York Stock Exchange as venues on which to list its Middle East healthcare investments, according\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":650515,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/26\/amer-group-expects-gdrs-to-begin-trading-on-lse-before-end-of-1h2017-sources\/","url_meta":{"origin":632968,"position":5},"title":"Amer Group expects GDRs to begin trading on LSE before end of 1H2017 -sources","author":"enterpriseam admin","date":"26 March 2017","format":false,"excerpt":"Egypt\u2019s Amer Group expects its GDRs to begin trading on the London Stock Exchange (LSE) before the end of 1H2017, sources close to the matter tell Al Mal. The company is waiting to receive the final okay from the Egyptian Financial Supervisory Authority. EFG Hermes is managing the program.","rel":"","context":"In &quot;Other Business News of Note&quot;","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"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\/632968","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=632968"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/632968\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/632966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/632969"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=632968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=632968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=632968"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=632968"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=632968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}