pietro17elettra
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Egitto 6.875% 30.04.2040 ISIN XS0505478684
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- Data di Inizio
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Charlie don't Surf
Economic crisis in Egypt : Debt on the Nile | Qantara.de
For leading economist Yazid Sayegh, the cause of Egypt's current economic and financial crisis lies primarily in the government's policy of excessive borrowing. He also criticises the way German and European politicians handle the Sisi regime. Interview by Mahmoud Hussein
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www.bloomberg.com Egypt’s $35,000 Bond Sale Shows Currency Risk Sapping Demand
ByNetty Idayu Ismail and Tarek El-Tablawy+Follow
3-3 minutes
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Egypt sold a tiny fraction of the bonds on sale in an auction as the government balked at paying what investors fearful of another plunge in the value of the pound are demanding to buy its local currency debt.
The cash-strapped nation sold 1.09 million pounds ($35,275) of three-year securities late Monday, the least it has ever raised in a domestic sale of notes, according to data compiled by Bloomberg.
The amount was a mere 0.04% of the 3 billion pounds of securities initially offered. The government accepted a sole bid at 21.7% after investors demanded yields as high as 28%.
Demand for Egyptian local currency debt has shriveled, driving yields to record highs, amid expectations that the country may be forced to devalue its currency for the fourth time in just over a year.
The value of the pound on the local black market for US dollars has diverged further from the official bank rate as the North African nation struggles to secure hard currency and foreign direct investment, including from the Gulf. The Central Bank of Egypt hiked its key interest rate by 200 basis points last week to 18.25% in a bid to rein in inflation.
“The parallel exchange rate tells you that the currency needs to weaken,” said Edwin Gutierrez, head of emerging-market sovereign debt at Abrdn Plc.
Steeper Decline
Derivatives traders are hedging against the prospect of a steeper drop in the pound. Further currency declines threaten to exacerbate inflation which climbed to 31.9% in February.
In the non-deliverable forwards market, the currency’s 12-month contract slumped this week past 41 per US dollar for the first time. The pound has weakened about 50% since March last year and was trading around 30.8 on Tuesday.
Gulf countries are waiting for more certainty on the pound and proof Egypt is following through on commitments to revamp the economy before making good on promises to provide billions of dollars in investment.
The North African nation of more than 100 million people has been heavily exposed to the shock waves of Russia’s invasion of Ukraine and is struggling with its worst foreign-currency crunch in years. The government had pledged in October to move to a more flexible exchange rate, enabling it to clinch a $3 billion deal with the International Monetary Fund.
— With assistance by Joseph Tabet
ByNetty Idayu Ismail and Tarek El-Tablawy+Follow
3-3 minutes
Sign up for our Middle East newsletter and follow us @middleeast for news on the region.
Egypt sold a tiny fraction of the bonds on sale in an auction as the government balked at paying what investors fearful of another plunge in the value of the pound are demanding to buy its local currency debt.
The cash-strapped nation sold 1.09 million pounds ($35,275) of three-year securities late Monday, the least it has ever raised in a domestic sale of notes, according to data compiled by Bloomberg.
The amount was a mere 0.04% of the 3 billion pounds of securities initially offered. The government accepted a sole bid at 21.7% after investors demanded yields as high as 28%.
Demand for Egyptian local currency debt has shriveled, driving yields to record highs, amid expectations that the country may be forced to devalue its currency for the fourth time in just over a year.
The value of the pound on the local black market for US dollars has diverged further from the official bank rate as the North African nation struggles to secure hard currency and foreign direct investment, including from the Gulf. The Central Bank of Egypt hiked its key interest rate by 200 basis points last week to 18.25% in a bid to rein in inflation.
“The parallel exchange rate tells you that the currency needs to weaken,” said Edwin Gutierrez, head of emerging-market sovereign debt at Abrdn Plc.
Steeper Decline
Derivatives traders are hedging against the prospect of a steeper drop in the pound. Further currency declines threaten to exacerbate inflation which climbed to 31.9% in February.
In the non-deliverable forwards market, the currency’s 12-month contract slumped this week past 41 per US dollar for the first time. The pound has weakened about 50% since March last year and was trading around 30.8 on Tuesday.
Gulf countries are waiting for more certainty on the pound and proof Egypt is following through on commitments to revamp the economy before making good on promises to provide billions of dollars in investment.
The North African nation of more than 100 million people has been heavily exposed to the shock waves of Russia’s invasion of Ukraine and is struggling with its worst foreign-currency crunch in years. The government had pledged in October to move to a more flexible exchange rate, enabling it to clinch a $3 billion deal with the International Monetary Fund.
— With assistance by Joseph Tabet
m.m.f
Forumer storico
agenzia NOVA
EGITTO
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Egitto: il debito estero sale a 162,9 miliardi di dollari nel quarto trimestre 2022
Il Cairo, 03 apr 12:34 - (Agenzia Nova) - Il debito estero dell'Egitto è aumentato del 5,2 per cento durante il quarto trimestre del 2022, raggiungendo i 162,9 miliardi di dollari alla fine di dicembre scorso, rispetto al terzo trimestre. Lo ha annunciato il ministero della Pianificazione e dello Sviluppo economico. Nel terzo trimestre del 2022 (luglio-settembre) il debito pubblico era pari a 154,9 miliardi di dollari. Su base annua, il debito estero dell'Egitto ha registrato un aumento del 12 per cento nel 2022 rispetto al 2021. A fine dicembre 2022, il debito estero si è attestato a 145,5 miliardi di dollari, con un incremento di circa 17,4 miliardi di dollari rispetto al 2021. L'indebitamento con l'estero era diminuito nel secondo e terzo trimestre dello scorso anno, per poi tornare ad aumentare nell'ultimo trimestre alla luce della grave crisi economica del Paese. (Cae) © Agenzia Nova - Riproduzione riservata
EGITTO
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Egitto: il debito estero sale a 162,9 miliardi di dollari nel quarto trimestre 2022
Il Cairo, 03 apr 12:34 - (Agenzia Nova) - Il debito estero dell'Egitto è aumentato del 5,2 per cento durante il quarto trimestre del 2022, raggiungendo i 162,9 miliardi di dollari alla fine di dicembre scorso, rispetto al terzo trimestre. Lo ha annunciato il ministero della Pianificazione e dello Sviluppo economico. Nel terzo trimestre del 2022 (luglio-settembre) il debito pubblico era pari a 154,9 miliardi di dollari. Su base annua, il debito estero dell'Egitto ha registrato un aumento del 12 per cento nel 2022 rispetto al 2021. A fine dicembre 2022, il debito estero si è attestato a 145,5 miliardi di dollari, con un incremento di circa 17,4 miliardi di dollari rispetto al 2021. L'indebitamento con l'estero era diminuito nel secondo e terzo trimestre dello scorso anno, per poi tornare ad aumentare nell'ultimo trimestre alla luce della grave crisi economica del Paese. (Cae) © Agenzia Nova - Riproduzione riservata
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Charlie don't Surf
IMF wants Egypt to make reforms before bailout review: Report
IMF wants Cairo to privatise state assets and allow flexibility in its currency, Bloomberg report says.
مستوى قياسي جديد.. العقود الآجلة للجنيه المصري تتخطى 44 للدولار - عربي21
وصلت العقود الآجلة للجنيه المصري لأجل 12 شهرا يوم الثلاثاء، لمستوى قياسي جديد عند 44.4 للدولار، وسط توقعات باتجاه منخفض محتمل في قيمة الجنيه المصري خلال العام الجاري.
arabi21.com
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Charlie don't Surf
Riskiest Country Debt Left Out of Emerging-Market Renaissance
(Bloomberg) -- Even as the outlook brightens for emerging-market debt, bonds from a handful of the riskiest countries are being left behind. And there is little evidence that’s about to change.Most Read from BloombergBud Light Takes the Cowardly Way OutMacron’s Push to Get China’s Help on...
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Charlie don't Surf
S&P lowers Egypt credit outlook to 'negative'
S&P said the update reflects concerns that Egypt’s economic measures 'may be insufficient to stabilize the exchange rate and attract foreign currency inflows to meet the sovereign's high external financing needs.'