Egypt isn’t at high risk of sovereign default, according to Bloomberg: The likelihood of Egypt defaulting on its public debt over the next twelve months is lower than 10%, according to Bloomberg analysis of default risk in 41 emerging economies. Eleven emerging countries have a higher than 10% chance of default, according to the analysis, which looked at risks to EM debt repayment amid a high-rate, high-inflation global environment. Smaller EMs with high debt burdens are facing the brunt of tighter conditions, with Ukraine, Belize, Argentina, and Ecuador among the most at-risk.

Huge demand for Taaleem IPO: UAE school operator Taaleem Holdings’ IPO was 18x oversubscribed last week after receiving AED 13.7 bn (USD 3.7 bn) in orders, it said in a statement (pdf) Friday. The company raised AED 750 mn after selling 250 mn shares at AED 3 apiece, the top end of the price range. Shares are set to start trading in Abu Dhabi on Tuesday, 29 November. Our friends at EFG-Hermes are joint lead managers for the offering, alongside Emirates NBD Capital.

Is the FTX fiasco worse than Enron? That seems to be the conclusion of John Ray III, the guy who managed Enron’s bankruptcy and has just been appointed to do the same with the collapsed crypto exchange. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” he wrote in a damning bankruptcy filing.

Also worth noting:

• Theranos CEO Elizabeth Holmes handed 11-year prison sentence: A federal court sentenced the founder and CEO of the blood diagnostics startup on Friday for defrauding Theranos’ investors. Holmes is expected to appeal the sentence. (Reuters)
• The cost of deglobalization: The IMF thinks the rise of protectionism seen this year could cause a USD 1.4 tn hit to the global economy. (Bloomberg)

	EGX30	12,516	+1.4% (YTD: +4.7%)
	USD (CBE)	Buy 24.44	Sell 24.52
	USD at CIB	Buy 24.46	Sell 24.52
	Interest rates CBE	13.25% deposit	14.25% lending
	Tadawul	11,142	-0.1% (YTD: -1.2%)
	ADX	10,466	+0.4% (YTD: +23.3%)
	DFM	3,352	+0.6% (YTD: +4.9%)
	S&P 500	3,965	+0.5% (YTD: -16.8%)
	FTSE 100	7,386	+0.5% (YTD: 0.0%)
	Euro Stoxx 50	3,924	+1.2% (YTD: -8.7%)
	Brent crude	USD 87.62	-2.4%
	Natural gas (Nymex)	USD 6.30	-1.0%
	Gold	USD 1,769.00	-0.5%
	BTC	USD 16,655	+0.1% (YTD: -64.0%)

THE CLOSING BELL-

The EGX30 rose 1.4% at Thursday’s close on turnover of EGP 2.14 bn (45.9% above the 90-day average). Regional investors were net buyers. The index is up 4.7% YTD.

In the green: Eastern Company (+7.4%), Palm Hills Development (+5.2%) and CIB (+3.3%).

In the red: Ezz Steel (-2.3%), Madinet Nasr Housing (-2.0%) and Cleopatra Hospitals (-1.5%).