EM debt could be a standout asset as treasuries + credit take a nosedive: Jupiter Asset Management executive Mark Nash is shorting nearly every asset including US treasuries and credit — but sees value in emerging-market sovereign debt, he tells Bloomberg. Nash is buying securities sold by Brazil, Indonesia and Mexico — all of which have benefited from a commodities boom and enacted early rate hikes to protect positive real yields. His bond fund has posted 5.7% gains so far this year, beating 96% of its peers. Some EMs “have high real yields, they have better trade balances, and they generally have better fiscal coffers,” Nash said.

Is ethical debt the future of the loan market? At least 50% of corporate loans extended in Europe, the Middle East and Africa could be tied to environmental, social and governance (ESG) principles next year, up from 36% this year, according to bankers interviewed by Bloomberg. Firms are beefing up their environmental credentials thanks to nudges from regulators and clients. “We keep seeing the increasing trend in the market that clients put sustainability higher on the agenda and want to embed sustainability characteristics in their financing,” ING Group’s head of sustainable finance for EMEA told the business news service.

ESG is one debt market where EMs aren’t excelling: ESG investors aren’t huge fans of EMs at the moment, thanks to worries over risk.

Also worth mentioning this morning:

• Saudi Arabia’s sovereign wealth fund PIF has secured a new USD 17 bn loan from a syndicate of 25 international lenders, the largest ever loan of its kind. (Statement)
• Europe is not a fan of Musk’s Twitter: The European Commission has warned tech b’naire Elon Musk that Twitter is at risk of a ban unless he adheres to rules on content moderation. (FT)

	EGX30	13,259	+0.6% (YTD: +11.0%)
	USD (CBE)	Buy 24.53	Sell 24.62
	USD at CIB	Buy 24.54	Sell 24.60
	Interest rates CBE	13.25% deposit	14.25% lending
	Tadawul	10,897	+1.4% (YTD: -3.4%)
	ADX	10,552	+1.5% (YTD: +24.3%)
	DFM	3,324	+0.6% (YTD: +4.0%)
	S&P 500	4,080	+3.1% (YTD: -14.4%)
	FTSE 100	7,573	+0.8% (YTD: +2.6%)
	Euro Stoxx 50	3,965	+0.8% (YTD: -7.8%)
	Brent crude	USD 85.43	+2.9%
	Natural gas (Nymex)	USD 7.00	+1.1%
	Gold	USD 1,789.00	+1.7%
	BTC	USD 17,167	+2.1% (YTD: -62.8%)

THE CLOSING BELL-

The EGX30 rose 0.6% at yesterday’s close on turnover of EGP 3.53 bn. Foreign investors were net sellers. The index is up 11.0% YTD.

In the green: EFG Hermes (+5.8%), e-Finance (+4.1%) and Orascom Construction (+3.9%).

In the red: Eastern Company (-7.1%), Ibnsina Pharma (-2.3%) and Palm Hills Development (-2.2%).

Green as far as the eye can see: Asian markets are up across the board in early trading this morning, while futures suggest a similarly bright start for European markets and on Wall Street later on today.