{"id":653333,"date":"2024-10-15T00:00:00","date_gmt":"2024-10-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/ems-heading-for-more-sovereign-defaults-sp-says\/"},"modified":"2024-10-15T00:00:00","modified_gmt":"2024-10-15T00:00:00","slug":"ems-heading-for-more-sovereign-defaults-sp-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/ems-heading-for-more-sovereign-defaults-sp-says\/","title":{"rendered":"EMs heading for more sovereign defaults, S&P says"},"content":{"rendered":"

Heading towards EM sovereign defaults?<\/strong> Sovereign defaults among emerging market countries may become more common over the next decade as heavy debt burdens make it difficult for these countries to keep up with high borrowing costs, the Financial Times<\/a> reports, citing a report by S&P Global Ratings. Despite a global monetary easing cycle now underway, nations at risk of default are struggling to marshall the resources needed to service foreign currency debts, with new creditors also hard to come by. The story got ink from Reuters<\/a> and Bloomberg<\/a>.<\/p>\n

(Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Pulse check:<\/strong> Despite there being no telltale sign for a sovereign default, S&P found that in the 12 months prior to defaulting, governments spent about a fifth of their revenue paying off interest payments on accumulated debts. Countries facing potential defaults include the Maldives \u2014 which was recently bailed out by India \u2014 and Argentina.<\/p>\n

Defaults by a different name?<\/strong> Argentina\u2019s President Javier Milei okayed a decree last month<\/a> that allows swaps of maturing debt for new debt at market interest rates without prior approvals from legislators. These \u201cbuyback\u201d transactions are expected to become more common, leading to less cut and dry notions of what it means for a country to default, senior sovereign ratings analyst at S&P Giulia Filocca explained. Despite appearing distinct from traditional defaults, such transactions can be categorized as distressed exchanges if done to avoid an outright default, Filocca adds. <\/p>\n

Who's safe for now?<\/strong> Zambia and Sri Lanka have managed to rebound from defaults, the FT said. Meanwhile, Kenya and Pakistan narrowly avoided defaults this year thanks to new loans \u2014 with Saudi<\/a> and the UAE among those extending financial support to Pakistan \u2014 and IMF bailouts. Despite this, they are unable to tap bond markets for refinancing due to high borrowing costs charged to governments in similar situations. Ghana recently exited default after restructuring debts, and Ukraine successfully refinanced over USD 20 bn in debt payments following a moratorium on payments due to Russia's invasion. <\/p>\n

BUT- Nations that have restructured their debts carry that legacy in terms of lower<\/strong> ratings. <\/strong>\u201cThat points to the possibility of repeat defaults,\u201d Emea sovereign specialist at S&P Global Ratings Frank Gill said. Fiscal alternatives and current account gains on the back of FDI may help to stave off defaults, but FDI performance has shown little signs of an uptick, Gill added. <\/p>\n

\n

\n

Helmerich & Payne exits Adnoc Drilling:<\/strong> US oil and gas well drilling company Helmerich<\/a>& Payne<\/a> (H&P) fully divested its stake in Abu Dhabi National Oil Company\u2019s (Adnoc) drilling unit, Adnoc Drilling, in a USD 197 mn transaction, according to a statement (pdf)<\/a>. The sale was completed through an accelerated book build (ABB), which \u201cattracted a strong group of investors\u201d despite unfavorable geopolitical conditions.<\/p>\n

Background: <\/strong>H&P acquired its stake in Adnoc Drilling back in September 2021<\/a>, making a USD 100 mn cornerstone investment during the company\u2019s IPO. As part of the agreement, Adnoc Drilling also purchased eight FlexRig land rigs from H&P for USD 86.5 mn.<\/p>\n

Advisors: <\/strong>EFG Hermes served as joint global coordinator for the ABB. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are mixed at dispatch time this morning<\/strong>, with benchmarks we follow in Shanghai and Hong Kong slipping. Meanwhile, the ASX 200 and the Nikkei were both in the green. <\/p>\n

Dow, Nasdaq, and S&P futures were all up slightly in overnight trading <\/strong>after the Dow and the S&P hit new record high closes yesterday. Futures also suggest major European benchmarks are set to start the trading day in the green a little later this morning. <\/p>\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

30,273<\/p>\n<\/td>\n

\n

+1.1% (YTD: +21.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.55<\/p>\n<\/td>\n

\n

Sell 48.68<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 48.54<\/p>\n<\/td>\n

\n

Sell 48.64<\/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

11,960<\/p>\n<\/td>\n

\n

-0.9% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,303<\/p>\n<\/td>\n

\n

+0.5% (YTD: -2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,455<\/p>\n<\/td>\n

\n

+0.3% (YTD: +9.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,860<\/p>\n<\/td>\n

\n

+0.8% (YTD: +22.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,293<\/p>\n<\/td>\n

\n

+0.5% (YTD: +7.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,041<\/p>\n<\/td>\n

\n

+0.7% (YTD: +11.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 77.46<\/p>\n<\/td>\n

\n

-2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.48<\/p>\n<\/td>\n

\n

-0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,666<\/p>\n<\/td>\n

\n

-0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 65,951<\/p>\n<\/td>\n

\n

+5.1% (YTD: +56.0%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.1% at <\/strong>yesterday\u2019s <\/strong>close<\/strong> on turnover of EGP 3.7 bn (10.3% below the 90-day average). Local investors were the sole net sellers. The index is up 21.6% YTD.<\/p>\n

In the green: <\/strong>Elsewedy Electric (+4.4%), Oriental Weavers (+3.8%), and Cleopatra Hospitals (+3.0%).<\/p>\n

In the red: <\/strong>ADIB (-3.0%), EFG Holding (-0.8%), and Heliopolis Housing (-0.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The Maldives and Argentina are currently at the top of the list of at-risk countries<\/p>\n","protected":false},"author":1,"featured_media":653334,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[82,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-bonds","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"2d7f427f-c148-4836-a85d-d5e667afc279","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1146.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Expect more sovereign defaults over the next 10 years as debt burdened countries struggle to refinance, S&P Global Ratings says","related_issue":[653313],"teaser":"The Maldives and Argentina are currently at the top of the list of at-risk countries","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.93c18dd3-315f-4111-bd7c-c92e13a920d5.mp3"},"yoast_head":"\nEMs heading for more sovereign defaults, S&P says - 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\/2024\/10\/15\/ems-heading-for-more-sovereign-defaults-sp-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EMs heading for more sovereign defaults, S&P says\" \/>\n<meta property=\"og:description\" content=\"The Maldives and Argentina are currently at the top of the list of at-risk countries\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/ems-heading-for-more-sovereign-defaults-sp-says\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-15T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1146.jpg?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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/ems-heading-for-more-sovereign-defaults-sp-says\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/ems-heading-for-more-sovereign-defaults-sp-says\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"EMs heading for more sovereign defaults, S&P says\",\"datePublished\":\"2024-10-15T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/ems-heading-for-more-sovereign-defaults-sp-says\/\"},\"wordCount\":717,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/ems-heading-for-more-sovereign-defaults-sp-says\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1146.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bonds\",\"EnterpriseAM\",\"Financial Markets\",\"Planet Finance\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/ems-heading-for-more-sovereign-defaults-sp-says\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/ems-heading-for-more-sovereign-defaults-sp-says\/\",\"name\":\"EMs heading for more sovereign defaults, S&P says - 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Market watchers could be paying too much attention to whether or not the US Federal Reserve will continue to raise\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":570814,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/imf-waives-usd-214-mn-in-debt-to-developing-countries-to-repurpose-funds-for-covid-19\/","url_meta":{"origin":653333,"position":2},"title":"IMF waives USD 214 mn in debt to developing countries to repurpose funds for covid-19","author":"enterpriseam admin","date":"15 April 2020","format":false,"excerpt":"IMF relieves 25 developing nations from USD 214 mn in debt to repurpose funds for covid-19: The IMF has canceled debt payments for 25 of its most vulnerable sovereign debtors through grants from its catastrophe trust CCRT, the lender said in a statement. This allows the countries \u2014 which are\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547862,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/17\/the-2022-em-debt-sell-off-is-getting-serious-wire-services-warn\/","url_meta":{"origin":653333,"position":3},"title":"The 2022 EM debt sell-off is getting serious, wire services warn","author":"enterpriseam admin","date":"17 July 2022","format":false,"excerpt":"Default on the horizon? A record number of emerging markets are facing pressure as debt sell-off grows: Soaring inflation and rising US interest rates have sent investors fleeing emerging market (EM) countries this year, leaving \u201ca record number of developing nations\u201d facing possible default, according to Reuters. Taking into account\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":657576,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/23\/chinese-sovereign-bond-yields-drop-to-their-lowest-since-2009-amid-demand-slowdown-and-as-property-market-crisis-enters-fifth-year\/","url_meta":{"origin":653333,"position":4},"title":"Chinese sovereign bond yields drop to their lowest since 2009 amid demand slowdown and as property market crisis enters fifth year","author":"enterpriseam admin","date":"23 December 2024","format":false,"excerpt":"Developers in the country have defaulted on USD 130 bn bonds since the crisis began \u2014 including USD 15 bn in defaults this year alone","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\/2024\/12\/2011.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558778,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/25\/cost-of-borrowing-is-higher-for-economies-with-poor-climate-performance\/","url_meta":{"origin":653333,"position":5},"title":"Cost of borrowing is higher for economies with poor climate performance","author":"enterpriseam admin","date":"25 August 2021","format":false,"excerpt":"Developed nations lagging behind on green goals may soon find themselves in a pool of sovereign debt: Recent research has shown that countries that perform poorly on transitioning to a low-carbon economy are prone to suffering from increased sovereign borrowing costs, liquidity crunches and a lack of reserves to finance\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653333","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=653333"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653333\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/653313"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/653334"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=653333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=653333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=653333"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=653333"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=653333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}