Egypt’s sovereign bond risk falls to 322 bps, lowest since 2014
· Egyptian market news · EAST
Good morning, friends, and a happy MPC-meeting Thursday.
The CBE’s monetary policy report is the anchor.
Shortselling finally gets a rulebook.
And the industrial land price list is out.
ARE YOU MORE OF A LISTENER? Morning Drive is a 10-minute summary And if you like it, tell your friends to tell their friends. They can find us on Apple, Spotify, or wherever they get their podcasts.
Sovereign spreads find relief
Markets signaling greater confidence in Egypt’s macro outlook: Bloomberg
Egyptian bonds have delivered more than 10% returns since the end of March
Markets increasingly think the improvement has legs: latest assessment (pdf)
** We have more on Morgan Stanley’s outlook for our financing gap, inflation, interest rates, and the EGP next week.
More wells, less decline
The Oil Ministry is lining up about USD 850 mn to connect nine new gas wells by the end of 2026 Al Arabiya
Where they’re drilling:
The depletion problem isn’t going away: add 1 bcf / d 120 mmcf / d targeting 160 new oil and gas wells
The National Telecommunications Regulatory Authority (NTRA) completed what it calls Africa’s first trial of mobile services using the upper 6 GHz spectrum band statement (pdf)
The trial is separate from the government’s USD 3.5 bn spectrum agreement with the country’s four mobile operators. spectrum roadmap (pdf)
Foreign Minister Badr Abdelatty has renewed his call for a dedicated entity to coordinate Egyptian investments across African markets statement
A renewed call: an earlier meeting
ALSO- Egypt is expanding its commercial and logistics links across East Africa. with Eritrea in Djibouti In Tanzania
#1- Banks are joining the long weekend: statement
It’s not much different in Alexandria
And over the weekend
The big story abroad
The state of US debt has taken top billing on the front pages record USD 40 tn stepped
Over in Silicon Valley will help
And in Asian markets: announced
In the defense space:
Meanwhile, in Hollywood: seized