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Foreigners Lapping Up Egypt’s Growing Supply of Cheap Debt

CAIRO (Capital Markets in Africa) – A flood of new issuance is offsetting foreign-investor demand for Egyptian debt, keeping yields among the highest in emerging markets. Offshore investors boosted holdings of government Treasury bills to 79 billion pounds ($4.4 billion) as of April 4, compared with less than 1 billion pounds before a currency devaluation in November, according to Finance Ministry data. Government borrowing is already 11 percent higher than the target this year, and…

Audi Bank earns $202m in Half-year

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa) — Audi Bank posted a 7% rise in its consolidated net earnings for the six-month period ended 30 June 2015. H1 earnings reached $202 million (EGP 1.6 billion), the lender said in a press statement. Customer deposits totalled nearly $36.1 billion, and total loans reached approx. $17 billion. In addition, shareholders’ equity reached nearly $3 billion.

Moody’s changes Egypt’s banking system outlook to stable

Posted on by The Editorial Team

CAIRO, Egypt (Capital Markets in Africa) — Moody’s Investors Service has today changed the outlook for Egypt’s banking system to stable from negative, reflecting its expectation that banks’ funding and liquidity positions will remain strong amid improving operating conditions over the next 12-18 months. “We expect that Egypt’s banking system will benefit from improved operating conditions, resulting in rising consumer confidence and business investments, which in turn will support loan growth and asset quality”, says…

Egypt Market Watch | May 14th 2015: Blood continues on Egypt’s equity markets Street

Posted on by The Editorial Team

Cairo, Egypt (Capital Markets in Africa):- The Egyptian Exchange (EGX) plunged further today to its five-week lowest, and shedding off nearly EGP 9.6 billion of its capitalisation to close at EGP 482.232 billion, as investor sentiment continues over the uncertain about the proposed capital gains tax. The benchmark index EGX30 fell 2.52 percent or 214.91 points to close at 8526.43 points; its lowest level since 17 December, 2014. This amounted to a year-to-date performance of…

Egypt’s current account hits deficit of $2.9 bln in Oct-Dec quarter

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s current account deficit widened to $2.9 billion in the three months to December from $1.4 billion in the same period the previous year, according to Reuters calculations. The deficit stood at $4.3 billion in the first half of the fiscal year which began on July 1, compared with a deficit of $866 million in the same period a year before, the central bank said on Thursday. The deficit was driven by…

What can $300 billion buy in Egypt? A new capital or a pipedream

Posted on by The Editorial Team

CAIRO (Reuters) – It is a project as ambitious as Egypt’s ancient pyramids. Built from scratch to escape Cairo’s choking pollution, a planned new capital will feature an airport larger than London’s Heathrow, a building taller than Paris’s Eiffel Tower and more than 10,000 km (6,200 miles) of boulevards, avenues and streets.The city, meant to be built within just seven years, was unveiled last week at the Sharm El-Sheikh economic summit, where President Abdel Fattah…

PepsiCo to invest $500 mln in Egypt this year

Posted on by The Editorial Team

SHARM EL SHEIKH, Egypt (Reuters) – PepsiCo will invest $500 million in Egypt this year to expand production, its business unit manager for North East Africa said on Saturday.Ahmed El Sheikh told Reuters at an investment conference in Sharm El-Sheikh that the investment comes after the global food and beverage company achieved sales of $1.2 billion in Egypt during 2014.Egypt hopes the weekend conference will project an image of stability and improve investor confidence hit…

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