Egitto 6.875% 30.04.2040 ISIN XS0505478684

[pietro17elettra]

UPDATE 2-UAE's Al Dahra, Abu Dhabi fund sign $500 mln deal to supply wheat to Egypt
15/08/2023 10:07 - RSF
(Adds details in paragraph 11)
By Sarah El Safty
CAIRO, Aug 14 (Reuters) - UAE-based agribusiness Al Dahra and the Abu Dhabi Exports Office (ADEX) have signed a $500 million deal to supply Egypt with wheat, a statement said on Monday.

The five-year agreement, worth $100 million per year, will provide Egypt with imported milling wheat "at competitive prices".

Egypt, a major buyer of basic commodities, has been suffering a foreign currency crunch after the Ukraine war delivered a broad shock to its economy.

Egypt's currency has tumbled by about 50% against the dollar and official headline inflation has soared to an all-time high of 36.5%.

The country started deferring payments for wheat imports and has been facing an increasingly difficult task raising cash for foreign debt repayments.

"The low-cost financing package from ADEX helps us procure high quality wheat at the lowest cost financing available, with comfortable payment terms," Egypt's supply minister Ali Moselhy said in a statement.

Reuters first reported the deal last month.

Many recent wheat purchases have been made with loans from the International Islamic Trade Finance Corporation (ITFC), which last year doubled a credit facility extended to Egypt to $6 billion, and from the World Bank, which funded wheat imports earlier this year.

The finance ministry said funding for subsidies on food, mostly bread, will rise 41.9% to 127.7 billion Egyptian pounds ($4.1 billion) in the fiscal year from July 2023 to June 2024.

Under the deal, Al Dahra will supply Egypt with imported wheat as of this year.

The Emirati company already supplies the government with locally produced wheat at the government-set procurement price via its Egyptian subsidiary, which farms 28,000 hectares in Egypt.

ADEX is the export financing arm of governmental agency Abu Dhabi Fund for Development.

(Reporting By Sarah El Safty; Writing by Moaz Abd-Alaziz; Editing by Sonali Paul and David Evans)
(([email protected]; 00201099550600))

 

[pietro17elettra]

CORRECTED-To raise scarce dollars, Egypt looks to pension plans, draft evaders
15/08/2023 20:38 - RSF
(Corrects name of United Arab Emirates in paragraph 8)
By Patrick Werr
CAIRO, Aug 15 (Reuters) - Egypt is offering a minimum $5,000 fee for Egyptians living abroad who wish to clear their military service obligations and a U.S. dollar pension plan also aimed at its citizens abroad, in a series of fresh measures designed to boost foreign currency inflows.

Over the past few months, state-owned banks have begun selling high-interest dollar-denominated bonds, and from May, a new law has granted temporary residence to foreigners who buy property for at least $50,000 or deposit $50,000 in state-owned banks.

Those initiatives follow a 2022 scheme to give Egyptian expatriates tax rebates for paying fees on car imports in hard currency, and other measures to attract foreign currency investments in land and industry.

Egypt has been drawing down its foreign currency assets for the last two years after a foreign borrowing spree, following the twin shocks of the coronavirus pandemic and the Ukraine crisis. Remittances, by far Egypt's biggest source of foreign currency inflows, dropped sharply in January to March, compared to the same period in 2022, central bank data shows.

The pension plan lets Egyptians living abroad set up pension funds for a minimum $500 that would guarantee monthly payments in dollars for 10 to 15 years from the age of 50, according to a statement on Monday from the Financial Regulatory Authority.

The government will also raise foreign currency by allowing Egyptians living abroad, who are delinquent in their military service, to make good on their status permanently by paying either $5,000 or 5,000 euros during a one-month window, which started on Monday.

Most Egyptian men between the ages of 19 and 30 are required to serve in the military. Many received temporary exemptions to travel for education, medical treatment or work, but end up remaining abroad. Those who do not comply with the service requirement would not be able to renew their passports.

The government has asked applicants to pay into a specially created account at the Abu Dhabi branch, in the United Arab Emirates, of Egypt's state-owned Banque Misr, which itself is headquartered in Egypt's capital Cairo.

The proposed military amnesty will also be available to men over 30 who fail to complete their service.

In the past, the government has allowed military service exemptions with payment of 3,000 Egyptian pounds ($97), provided the men return to Egypt and appear before a military panel to plead their case, said Mahmoud Salem, an Egyptian analyst living in Berlin. But the pound's value has diminished sharply in recent years.

In 2018, 8.9 million Egyptians lived abroad and 97.1 million in Egypt, according to the most recent figures from the central bank. Since then, the number of Egyptians living in Egypt has risen to 105 million.

Official data shows external debt rose to $165.4 billion by the end of March from under $40 billion in 2015. At least $50 billion in repayments will be due over the next few years, according to the central bank.

($1 = 30.9000 Egyptian pounds)


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(Reporting by Patrick Werr, Nadine Awadalla and Nayera Abdallah; Editing by Aidan Lewis and Bernadette Baum)
(([email protected])

 

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...vediamo se ne escono...e,come...

 

[veltroni]

Oggi bond 2040 in USD meno 5%

 

[m.m.f]

Oggi bond 2040 in USD meno 5%

...sta scendendo tutto....motivo?Boh....

 

[gualberto]

...sta scendendo tutto....motivo?Boh....

non ho trovato notizie particolari.. ovvero niente che non si sapesse già

"S&P" تتوقع خفض الجنيه وتفاقم التضخم في مصر | اقتصاد الشرق مع بلومبرغ

من المرجّح خفض الجنيه المصري وتسارع ارتفاع التضخم في مصر بعد تسجيله مستوى قياسياً جديداً عند 36.5% على أساس سنوي في يوليو، حسب توقعات "ستاندرد آند بورز غلوبال". اقتصاد الشرق مع بلومبرغ

www.asharqbusiness.com

Egypt's headline inflation surges to new record of 36.5%

Egypt's annual headline inflation rose to a new all-time high of 36.5% in July, in line with analysts' expectations, as food prices soared, data from the country's statistics agency CAPMAS showed on Thursday.

www.reuters.com

Egypt blackouts become symbol of malaise a decade after Sisi's rise

For Egyptians grown used to a decade of reliable power supplies and boasts of vast investments in generation, a wave of rolling blackouts came as a shock - shaking faith in President Abdel Fattah al-Sisi's record months before an election.

www.reuters.com

Net International Reserves reached US$ 34,878.6 mn at the end of July 2023 (Provisional) ...due spicci in crescita

 

[pietro17elettra]

Refinitiv Newscasts - Egypt's rolling blackouts hit Sisi ahead of election
Oggi 08:38 - RSF
Click the following link to watch video: Refinitiv Newscasts - Embed/Share/Hosted KMS PROD Source: Thomson Reuters

Description: Along with record inflation and a sharp weakening of the currency, power outages have become a potent symptom of the worst economic crisis to hit Egypt since President Abdel Fattah al-Sisi took power in 2014.

Months before an election, his record is under fire. Olivia Zollino has more.

Short Link: Refinitiv Newscasts - Embed/Share/Hosted KMS PROD

Video Transcript:

This is what the streets of Egypt look like at night. Rolling blackouts have become a symbol of its economic crisis - as the country faces record inflation and a weakening currency. And thatâs a big problem for President Abdel Fattah al-Sisi - just months before the country heads to the polls.

When there is a power cut, I feel suffocated, I feel depressed, it feels like living in a grave.

Residents haven't experienced this level of service cuts since the uprising years ago - when frequent outages helped turn the public against Egypt's first democratically elected leader, Mohamed Mursi. Sisi led his ouster in July 2013. Critics like Gameela Ismail, head of Al-Dostour Party - one of the opposition groups - see echoes of the past today.

Power cuts are an indication of failing economic policies and in management.

In fact, power cuts have not happened since 2013. It takes us back to many years ago, to a certain political moment. People feel that we are heading into a certain direction that might be like one that took place years ago.

Sisi took power in 2014 on promises of stability and development. A former army chief who's overseen a far-reaching crackdown on political dissent - he's widely expected to secure a third term in elections due by early 2024. But Egypt's economic troubles are shaking faith in his record. Sisi has shifted blame largely on other factors like the global health crisis and the war in Ukraine. This is Mostafa Bakry, a pro-Sisi member of parliament. He acknowledges that the economy is suffering from crises but likens it to the financial troubles in the US. He says the Egyptian people will bear the burden because they learned their lesson after the 2011 protests. Analysts say the electricity cuts are partly caused by a dip in Egypt's production of natural gas - which powers most of Egypt's grid and is an important earner of hard currency. The government denies that and says the cuts were simply necessary due to a surge in air conditioner use during unusually hot weather. Residents say they have hit some areas harder than others, fuelling a sense of inequality as many complain that life has become tougher due to subsidy reforms, taxes, and soaring prices.

 

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Refinitiv Newscasts - Egypt's rolling blackouts hit Sisi ahead of election
Oggi 08:38 - RSF
Click the following link to watch video: Refinitiv Newscasts - Embed/Share/Hosted KMS PROD Source: Thomson Reuters

Description: Along with record inflation and a sharp weakening of the currency, power outages have become a potent symptom of the worst economic crisis to hit Egypt since President Abdel Fattah al-Sisi took power in 2014.

Months before an election, his record is under fire. Olivia Zollino has more.

Short Link: Refinitiv Newscasts - Embed/Share/Hosted KMS PROD

Video Transcript:

This is what the streets of Egypt look like at night. Rolling blackouts have become a symbol of its economic crisis - as the country faces record inflation and a weakening currency. And thatâs a big problem for President Abdel Fattah al-Sisi - just months before the country heads to the polls.

When there is a power cut, I feel suffocated, I feel depressed, it feels like living in a grave.

Residents haven't experienced this level of service cuts since the uprising years ago - when frequent outages helped turn the public against Egypt's first democratically elected leader, Mohamed Mursi. Sisi led his ouster in July 2013. Critics like Gameela Ismail, head of Al-Dostour Party - one of the opposition groups - see echoes of the past today.

Power cuts are an indication of failing economic policies and in management.

In fact, power cuts have not happened since 2013. It takes us back to many years ago, to a certain political moment. People feel that we are heading into a certain direction that might be like one that took place years ago.

Sisi took power in 2014 on promises of stability and development. A former army chief who's overseen a far-reaching crackdown on political dissent - he's widely expected to secure a third term in elections due by early 2024. But Egypt's economic troubles are shaking faith in his record. Sisi has shifted blame largely on other factors like the global health crisis and the war in Ukraine. This is Mostafa Bakry, a pro-Sisi member of parliament. He acknowledges that the economy is suffering from crises but likens it to the financial troubles in the US. He says the Egyptian people will bear the burden because they learned their lesson after the 2011 protests. Analysts say the electricity cuts are partly caused by a dip in Egypt's production of natural gas - which powers most of Egypt's grid and is an important earner of hard currency. The government denies that and says the cuts were simply necessary due to a surge in air conditioner use during unusually hot weather. Residents say they have hit some areas harder than others, fuelling a sense of inequality as many complain that life has become tougher due to subsidy reforms, taxes, and soaring prices.

...nulla di nuovo ...ha messo il paese in un bel cul de sac per la gioia del FMI.

 

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...e' una dittatura ad oggi tolta la Turchia e la Federazione Russa ,sono piu o meno saltati tutti...

 

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The Egypt 10Y Government Bond has a 24.624% yield.

10 Years vs 2 Years bond spread is 31.4 bp.
Normal Convexity in Long-Term vs Short-Term Maturities.

Central Bank Rate is 19.25% (last modification in August 2023).

The Egypt credit rating is B, according to Standard & Poor's agency.

Current 5-Years Credit Default Swap quotation is 1,451.06 and implied probability of default is 24.18%.

...medesimo rating della Turchia fatto salvo che i cds della Turchia sono a circa 400.