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Wednesday, 18 July 2018

Egypt is on the map for Investec

Egypt is on the map for Investec Asset Management now that the firm “ is ready to get back into the market after reducing risks at the start of the year,” according to Bloomberg. The firm, which manages some USD 36 bn in EM fixed-income assets, sees that Egypt’s assets are attractive thanks to its ongoing economic rebound, said Investec’s Co-head of EM Fixed Income Werner Gey van Pittius.

Gey van Pittius appears to be quite optimistic about the prospects of emerging markets assets overall, which “have shown signs of stabilization this month amid easing of trade tensions between the US and China after equities and currencies suffered their worst quarters since 2015.” Local-currency bonds in EMs also contain more value in comparison to their USD counterparts, he said, adding that they offer a real-yield premium of more than 4 percentage points over developed-market government bonds, and also that the USD’s strength will likely be “short-lived.”

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