Schneider Electric Expands Youth Partnership with Enactus to Drive Inclusive Energy Transition in Egypt    China's Jiangsu Zhengyong to build $85m factory in Egypt's Ain Sokhna: SCZONE    Egyptian pound ticks up vs. US dollar at Thursday's close    Egypt condemns Israeli plan to build 3,400 settler homes in West Bank    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Egypt, Namibia explore closer pharmaceutical cooperation    Egypt, China ink $1bn agreement for Sailun tire plant in SCZONE    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's Electricity Minister discusses progress on Greece power link    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt seeks to approach JPMorgan to join EM Bond Index
Published in Amwal Al Ghad on 01 - 10 - 2018

Egypt is planning to approach JPMorgan Chase & Co. for inclusion in its emerging-market bond indexes to boost inflows from overseas institutional investors into its domestic debt market, three people familiar with the matter said.
While the government has yet to approach JPMorgan, it's taking steps to ensure its debt is eligible for inclusion over the next year, said the people, who declined to be named as the information isn't public. JPMorgan declined to comment. Finance ministry officials did not immediately respond to requests for comment.
The plan comes after foreign demand for Egyptian pound-denominated debt waned amid a sell-off in risky assets. More than $6 billion flowed out of local treasury bonds and bills in the three months from the end of April as volatility swept across emerging markets.
Falling demand for Egyptian domestic bonds has spurred an increase in yields, adding to debt servicing costs just as the country is seeking to curtail its deficit. Egypt has canceled all four Treasury bond auctions this month after investors demanded higher yields than it was willing to pay.
The government is hoping that inclusion in the JPMorgan index will encourage passive inflows and help ease the debt servicing burden, the people said.
inance Minister Mohamed Maait said in an interview earlier this month that the government was in talks with Belgium-based Euroclear to settle its domestic debt transactions.
Investors currently have to go through local banks to clear transactions in treasury bills and bonds. The people said ensuring cross-border domestic debt purchases could be cleared efficiently would also help facilitate Egypt's inclusion in the index.
Saudi Arabia and four other Gulf countries will become eligible for inclusion in JPMorgan's emerging-market bonds indexes from the end of January, potentially attracting billions of dollars in passive inflows.
source: Bloomberg


Clic here to read the story from its source.