{"id":633254,"date":"2024-07-10T00:00:00","date_gmt":"2024-07-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/10\/china-is-building-its-war-chest-for-a-sovereign-bond-market-intervention\/"},"modified":"2024-07-10T00:00:00","modified_gmt":"2024-07-10T00:00:00","slug":"china-is-building-its-war-chest-for-a-sovereign-bond-market-intervention","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/10\/china-is-building-its-war-chest-for-a-sovereign-bond-market-intervention\/","title":{"rendered":"China is building its war chest for a sovereign bond market intervention"},"content":{"rendered":"

China is gearing up to intervene in its sovereign bond market for the first time in decades <\/strong>as yields on its debt are at record lows<\/strong>, the Financial Times<\/a> reports. Following weeks of expressing its concern<\/a> about record-low yields, the People\u2019s Bank of China is now moving to build up firepower to sell CPY hundreds of bns of sovereign bonds as it looks to cool off demand for the paper. The country\u2019s central bank will \u201ccontinue to borrow and sell the bonds on an open-ended and unsecured basis,\u201d according to the salmon-colored paper.<\/p>\n

Demand for the sovereign bonds has been red-hot:<\/strong> Investors have been pouring into China\u2019s sovereign bonds as the country\u2019s economy stumbles due to an ongoing real estate market crisis and volatility in its equities<\/a>. That\u2019s pushed yields on 10-year bonds below 2.4% for the majority of the year, while the country\u2019s central bank has said that the \u201cideal range\u201d for yields on these notes is between 2.5-3%. <\/p>\n

It\u2019s going to take more than a limited intervention:<\/strong> Although the signaling from the People\u2019s Bank of China has helped to some degree, pundits say the issue is more structural and is unlikely to be resolved entirely through a bond market intervention \u201cunless the intervention is massive.\u201d One Natixis senior economist tells the FT that the People\u2019s Bank of China will likely need to buy up \u201cat least 5% of outstanding government bonds \u2026 to make a significant difference.\u201d Altogether, that would be around CPY 1.5 tn worth of bonds.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are having another mixed morning<\/strong>, with Hong Kong\u2019s Hang Seng index and Japan\u2019s Nikkei both up, as China reports better-than-expected inflation data and Japan\u2019s corporate goods price index rises in line with expectations. South Korea\u2019s Kospi and the ASX 200 are both in the red. <\/p>\n

Wall Street futures were little changed<\/strong> in overnight trading after the S&P 500 posted another record close, as traders celebrated Powell\u2019s signals for a potential rate cut soon.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

28,466<\/p>\n<\/td>\n

\n

+0.2% (YTD: +14.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.03<\/p>\n<\/td>\n

\n

Sell 48.13<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>) <\/strong><\/p>\n<\/td>\n

\n

Buy 48.02<\/p>\n<\/td>\n

\n

Sell 48.12<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,780<\/p>\n<\/td>\n

\n

+0.5% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,136<\/p>\n<\/td>\n

\n

0.0% (YTD: -4.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,078<\/p>\n<\/td>\n

\n

-0.1% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,577<\/p>\n<\/td>\n

\n

+0.1% (YTD: +16.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,140<\/p>\n<\/td>\n

\n

-0.7% (YTD: +5.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4.904<\/p>\n<\/td>\n

\n

-1.3% (YTD: +8.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 84.85<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.35<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,367.90<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 57,860.60<\/p>\n<\/td>\n

\n

+2.9% (YTD: +37.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 3.5 bn (18% below the 90-day average). Local investors were the sole net buyers. The index is up 14.4% YTD.<\/p>\n

In the green: <\/strong>EFG Holding (+5.3%), GB Corp (+5.1%), and E-finance (+3.1%).<\/p>\n

In the red: <\/strong>Abu Qir Fertilizers (-2.8%), Sidi Kerir Petrochemicals (-2.8%), and AMOC (-2.5%).<\/p>\n

CORPORATE ACTIONS-<\/p>\n

#1- Kouchouk is no longer representing Misr Ins. on TMG\u2019s board:<\/strong> Finance Minister Ahmed Kouchouk has resigned from representing Misr Ins. Company in Talaat Moustafa Group\u2019s (TMG) board, TMG said in an EGX disclosure (pdf)<\/a>.<\/p>\n

\n

#2- New investment minister resigns from Edita\u2019s board:<\/strong> Newly-appointed Investment and Foreign Trade Minister Hassan El Khatib has submitted his resignation from Edita\u2019s board and the associated committees, according to an EGX disclosure (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Yields on the country\u2019s long-term sovereign debt have fallen to record lows<\/p>\n","protected":false},"author":1,"featured_media":633255,"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":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"f7db166e-0802-42fd-a69f-c33ef5862eb6","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/833.jpg","photo_position":"above","homepage_title":"","full_issue_title":"China is building its war chest for a sovereign bond market intervention","related_issue":[633229],"teaser":"Yields on the country\u2019s long-term sovereign debt have fallen to record lows","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.0d4504ac-16ea-4bda-a6f1-71bbaf2bb9d1.mp3"},"yoast_head":"\nChina is building its war chest for a sovereign bond market intervention - 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Portfolio flows should pick up over the next six months if Egyptian debt is made \u201cEuroclearable\u201d and the country\u2019s local-currency\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/340.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548010,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/21\/the-incoming-em-debt-crisis-is-getting-worse\/","url_meta":{"origin":633254,"position":2},"title":"The incoming EM debt crisis is getting worse","author":"enterpriseam admin","date":"21 July 2022","format":false,"excerpt":"The number of emerging-market countries at risk of default is at a record high after Angola and Gabon became the latest to see yields on their sovereign bonds rise to distressed levels, Bloomberg reports. There are now 21 nations with yields 10% higher than US treasuries, a warning sign that\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542629,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/09\/get-ready-for-sovereign-sukuk-act-exec-regs\/","url_meta":{"origin":633254,"position":3},"title":"Get ready for Sovereign Sukuk Act exec regs","author":"enterpriseam admin","date":"9 January 2022","format":false,"excerpt":"Sovereign Sukuk Act exec regs about to drop? The government is looking to finalize the executive regulations of the Sovereign Sukuk Act by the end of the month, setting the stage for the country\u2019s c.USD 2 bn maiden issuance before the end of the fiscal year in June, Mohamed Hegazy,\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\/2022\/1\/91.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556181,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/our-sovereign-debt-should-finally-be-back-on-jpmorgan-ems-govt-debt-index-in-january-2022\/","url_meta":{"origin":633254,"position":4},"title":"Our sovereign debt should finally be back on JPMorgan EMs gov\u2019t debt index in January 2022","author":"enterpriseam admin","date":"14 October 2021","format":false,"excerpt":"Egypt is expected to make it back onto JPMorgan\u2019s emerging-market sovereign bond index by the end of January 2022, the US investment bank said in a research note picked up by Reuters. The country is eligible for a weight of close to 1.85%, with 14 government bonds with a combined\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\/2021\/10\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592874,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/11\/attractive-bond-real-yield-rates-are-drawing-investors-to-egypt\/","url_meta":{"origin":633254,"position":5},"title":"Attractive bond real yield rates are drawing investors to Egypt","author":"enterpriseam admin","date":"11 November 2019","format":false,"excerpt":"With inflation dipping again, Egypt\u2019s real yield is still attractive to EM bond investors: Egypt is among the world\u2019s most promising markets when it comes to the real interest rate on our bonds, topping an index for inflation-adjusted returns with a real yield of 9.42%, Bloomberg reports. 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