Egypt’s eurobond issuance faces competition. Quoth the Financial Times: “Patrick Esteruelas, head of research at EMSO Asset Management in New York, pointed out that there was likely to be a flurry of issuance from emerging markets in January, with Brazil, Honduras, Nigeria, Egypt, Saudi Arabia and the Philippines all sounding out investors.” The piece focuses on Argentina, which it notes has made a strategic decision to go to markets even before Donald Trump assumes the US presidency on 20 January: “The election of Mr Trump in November sparked hefty selling across emerging markets, with sentiment rattled by his talk of trade protectionism. A stronger US dollar and higher bond yields also sapped appetite for EM.” Trump and the US Fed, the FT had noted in December, are the primary threats to EM performance this year.