What we’re tracking on 28 December 2017
2017 is coming to a close. We’d like to wish our readers a very happy New Year. This will be our final issue of Enterprise for 2017.
The banking sector and EGX are officially off this coming Monday in observance of the first day of the New Year, state news agency MENA reports.We’ll be taking the day off as well and returning to you with our first full 2018 edition of Enterprise on Tuesday, 2 January.
It’s interest rate day: The central bank’s Monetary Policy Committee convenes today to review key interest rates, with the emerging consensus being that the meeting won’t see interest rates cut after a surprise m-o-m surge in inflation in November.
The Finance Ministry will announce today the names of five joint lead managers for the USD 3-4 bn USD-denominated eurobond issuance set to take place at the end of January or in early February, Minister Amr El Garhy tells Al Borsa. 22 international banks, including “all the big names,” had submitted offers, El Garhy previously said. Some of the names we’re hearing include BNP Paribas, JP Morgan, Goldman Sachs, and Morgan Stanley.
Egyptian banks funded USD 70.8 bn-worth of trade finance transactions since the EGP float last November and until 14 December this year, the central bank announced yesterday in a statement carried by Al Masry Al Youm.
Orascom Hotels and Development has received the bourse’s green light for its name change to Orascom Development Egypt. The amendment was reflected on the bourse’s database as of yesterday, according to Al Borsa