{"id":648065,"date":"2017-05-28T03:49:47","date_gmt":"2017-05-28T03:49:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/28\/oversubscribed-eurobond-issuance-shows-confidence-in-egypt-el-garhy-credit-suisse-questions-free-float\/"},"modified":"2017-05-28T03:49:47","modified_gmt":"2017-05-28T03:49:47","slug":"oversubscribed-eurobond-issuance-shows-confidence-in-egypt-el-garhy-credit-suisse-questions-free-float","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/28\/oversubscribed-eurobond-issuance-shows-confidence-in-egypt-el-garhy-credit-suisse-questions-free-float\/","title":{"rendered":"Oversubscribed eurobond issuance shows confidence in Egypt -El Garhy, Credit Suisse questions free float"},"content":{"rendered":"

<\/a> No more tax increase, El Garhy says:<\/strong> The economic reform program is driving the confidence that debt markets are showing in Egypt, Finance Minister Amr El Garhy tells Bloomberg TV. \u201cWe\u2019re putting together a program to take the ailing condition we were into a more positive direction in the coming period,\u201d El Garhy says. Given that the biggest concern investors had was the FX situation<\/strong>, \u201cthe decision to float [the EGP in November 2016] was very important,\u201d he says. Second on the investors\u2019 lists was how Egypt will attract investments to the country<\/strong>. El Garhy says the strong demand seen for the longer-maturity issuances of the 10 and 30-year bonds was \u201ca vote of confidence in the economic reform program Egypt is adopting.\u201d Egypt will consider tapping the bond market again not before 2Q2018<\/strong>, \u201cbetween April and May,\u201d he says.<\/p>\n

The government is expecting to raise EGP 10-15 bn in proceeds from the IPOs of <\/strong>state-owned companies expected to take place starting in FY 2017-18<\/strong>, the finance minister added.<\/p>\n

The government\u2019s bid to shore up its revenue base will not see it hike taxes<\/strong>, El Garhy stressed, saying \u201cnothing that will surprise people in terms of more additional tax rates in the coming period of time.\u201d In regards to subsidies, El Garhy was less clear-cut, saying subsidy cuts taking place now are part of the reform plan announced in 2014<\/strong> to curb the extent of subsidies that were \u201cvery harming to the economy and to the people.\u201d The timing of the cuts has not yet been decided, he added, saying, it \u201cis being studied \u2026 we need to ensure there is a social protection program to shield people from the impact of any economic reform program<\/strong>.\u201d<\/p>\n

Watch the full interview<\/strong><\/a> with El Garhy, runtime: 7:07.<\/p>\n

Amundi Asset Management\u2019s Sergei Strigo <\/strong>agreed with El Garhy<\/strong><\/a>, saying the eurobond sale is \u201ccoming at an attractive level and we are constructive on Egypt following recent IMF agreement \u2026 there is also a limited supply of high yield sovereign bonds in the market.\u201d Aberdeen Asset Management\u2019s Anthony Simond sang praises of the reform agenda<\/strong>, saying \u201cwe like the reform story a lot \u2026 They are implementing an impressive fiscal consolidation, which, coupled with the huge inflows of foreign capital since the devaluation, means that their balance of payments position is now much more sustainable.\u201d<\/p>\n

<\/a> Why hasn\u2019t the exchange responded to the interest rate hike?<\/strong> The EGP \u201ccan\u2019t be fully freely floating at this stage, that\u2019s really the key takeaway,\u201d Credit Suisse Head of Middle East Research Fahd Iqbal told Bloomberg TV (watch<\/strong><\/a>, runtime: 4:23). \u201cIt doesn\u2019t make sense for a 200 bps shift in rates to elicit a complete lack of response [in the exchange rate],\u201d he adds. Iqbal believes the EGP ought to be strengthening over time, but there is some level of USD shortage, he says. Iqbal also notes that the market did not anticipate Egypt raising rates, because there was no \u201cneed\u201d for it at this stage, \u201cthe fact they did reflects their commitment to the IMF program.\u201d That sends a positive signal regarding the outlook of the reform process, he says, adding that the overall position of the Egyptian economy will improve, not just by the IMF package, but by complete commitment to the reform process.<\/p>\n

Free float or not, there was an uptick in foreigners\u2019 demand for Egyptian treasury bill <\/strong>at Thursday\u2019s auction following the interest rate hike, Ahmed Feteha writes for Bloomberg<\/a>. Overseas investors bought 63% of the EGP 15.8 bn worth of 6-month and 12-month T-bills sold Thursday, said Samy Khallaf, head of the Finance Ministry\u2019s public debt division. \u201cKhallaf said all foreigners took positions using the central bank\u2019s repatriation fund, which guarantees expedited transfer of money abroad,\u201d Feteha writes.<\/p>\n","protected":false},"excerpt":{"rendered":"

No more tax increase, El Garhy says: The economic reform program is driving the confidence that debt markets are showing in Egypt, Finance Minister Amr El Garhy tells Bloomberg TV. \u201cWe\u2019re putting together a program to take the ailing condition we were into a more positive direction in the coming period,\u201d El Garhy says. Given […]<\/p>\n","protected":false},"author":1,"featured_media":648066,"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-648065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ae0a4b47-2209-4586-88fb-51acaa3d8972","order":"0","is_powered_by":true,"section_story_id":"aa07a041-40b6-480f-88db-400391616680","story_type":"1","photo_url":"https:\/\/ent.news\/2017\/5\/643.jpg","photo_position":"above","related_issue":[648057],"teaser":"","voice_url":""},"yoast_head":"\nOversubscribed eurobond issuance shows confidence in Egypt -El Garhy, Credit Suisse questions free float - 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\/2017\/05\/28\/oversubscribed-eurobond-issuance-shows-confidence-in-egypt-el-garhy-credit-suisse-questions-free-float\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oversubscribed eurobond issuance shows confidence in Egypt -El Garhy, Credit Suisse questions free float\" \/>\n<meta property=\"og:description\" content=\"No more tax increase, El Garhy says: The economic reform program is driving the confidence that debt markets are showing in Egypt, Finance Minister Amr El Garhy tells Bloomberg TV. \u201cWe\u2019re putting together a program to take the ailing condition we were into a more positive direction in the coming period,\u201d El Garhy says. 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SSIC, a subsidiary of the Public Investment Fund (PIF, KSA\u2019s sovereign wealth fund), purchased 65 mn shares for EGP\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-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":567561,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/27\/22-rolling-mills-to-halt-production-on-steel-import-tariffs\/","url_meta":{"origin":648065,"position":1},"title":"22 rolling mills to halt production on steel import tariffs","author":"enterpriseam admin","date":"27 January 2020","format":false,"excerpt":"Row over steel import tariffs flares up again: Twenty-two steel rolling mills will suspend production in protest at the government\u2019s decision to place import tariffs on steel rebar and iron billets, according to the local press. The Trade Ministry last year introduced a 25% duty on steel rebar imports 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\/2020\/1\/705.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543880,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/nrea-looks-for-international-support-to-upgrade-experimental-nuclear-reactor\/","url_meta":{"origin":648065,"position":2},"title":"NREA looks for international support to upgrade experimental nuclear reactor","author":"enterpriseam admin","date":"22 February 2022","format":false,"excerpt":"Kazakhstan or Belgium could help upgrade Inshas nuclear reactor: The New and Renewable Energy Authority (NREA) is reportedly looking into upgrading the experimental nuclear reactor in Inshas in Sharqiya and is considering sending experts to Kazakhstan and Belgium for research purposes, Al Mal reported, quoting unidentified sources it claims have\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":646642,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/20\/controlling-inflation-is-govt-top-priority-rates-increase-temporary-el-garhy\/","url_meta":{"origin":648065,"position":3},"title":"Controlling inflation is gov\u2019t top priority, rates increase temporary -El Garhy","author":"enterpriseam admin","date":"20 June 2017","format":false,"excerpt":"Controlling inflation is now Egypt\u2019s top priority, Finance Minister Amr El Garhy told Bloomberg TV (runtime 03:25). The priority is to bring inflation down into the \u2018teens, El Garhy said. Concerns about \u201creform fatigue\u201d will have no impact on the government\u2019s economic growth target, he says, explaining that \u201cnext year\u2019s\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":652076,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/28\/el-garhy-speaks-at-amcham-luncheon-promises-determination-resolve-in-policy-making-announces-ambitious-targets\/","url_meta":{"origin":648065,"position":4},"title":"El Garhy speaks at AmCham luncheon, promises determination, resolve in policy making, announces ambitious targets","author":"enterpriseam admin","date":"28 February 2017","format":false,"excerpt":"El Garhy: No backing away from subsidy reform, IMF visiting in April, stamp tax is coming. Fresh off the successful float of the EGP and the closing of a USD 4 bn eurobond, the finance minister and his team are now in the trenches on the 2017-18 budget \u2014 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568288,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/24\/buyers-are-lining-up-for-safi\/","url_meta":{"origin":648065,"position":5},"title":"Buyers are lining up for Safi","author":"enterpriseam admin","date":"24 December 2020","format":false,"excerpt":"Mansour Group, Pepsico, CocaCola Egypt, Nestl\u00e9, and steel conglomerate ElGarhy Group are reportedly interested in buying a stake in army-affiliated Safi. The five companies \u2014 four of which own household bottled water brands \u2014 are currently in talks with the Sovereign Fund of Egypt (SFE) to take minority stakes of\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/413.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\/648065","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=648065"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/648065\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/648057"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/648066"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=648065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=648065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=648065"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=648065"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=648065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}