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Tuesday, 5 January 2021

What the markets are doing on 5 January 2021

A global green bond boom may be coming in 2021: Governments and companies could issue up to USD 500 bn in green bonds this year — nearly half the total raised by the climate-friendly securities since their inception — as policymakers prioritize a green-led recovery from the pandemic, Swedish bank SEB says, according to the Financial Times. HSBC estimates a more modest USD 310-360 bn in total 2021 green bond issuance.

The EU plans to launch EUR 225 bn worth of green bonds, as part of its covid-19 recovery plan. But analysts say that the US market, which lags an estimated USD 326 bn behind Europe, may see particular growth this year. The current shortage of green bonds may have created a so-called “greenium,” with higher costs for investors and lower borrowing costs for issuers.

This could be good news for Egypt, which closed the region’s first ever issuance of sovereign green bonds in September, selling USD 750 mn of bonds to investors before listing them on the London Stock Exchange. Investors gobbled up the five-year securities, submitting USD 3.7 bn in bids and accepting a payout 50 bps lower than the initial 5.75% yield. The green bonds were 5x oversubscribed, showing substantial investor appetite.

Also worth knowing:

  • In late-breaking news, the NYSE looks like it is backtracking on the delisting of three big Chinese telecoms companies.
  • Oil prices are again approaching the USD 50 / bbl mark as OPEC+ met yesterday to decide on February production levels, Bloomberg reports. Possibly driving the price rise: A weakened USD boosting demand for USD commodities, along with nervousness over reported US-Iran tensions.
  • The Fiat Chrysler-PSA merger has been greenlit by PSA shareholders, bringing them one step closer to creating the world’s fourth largest automaker: A new company called Stellantis, Reuters reports.




-0.3% (YTD: -0.3%)



Buy 15.67

Sell 15.77



Buy 15.66

Sell 15.76


Interest rates CBE

8.25% deposit

9.25% lending




+0.6% (YTD: -0.3%)




+0.7% (YTD: +1.4%)




+2.9% (YTD: +3.5%)


S&P 500


-1.5% (YTD: -1.5%)


FTSE 100


+1.7% (YTD: +1.7%)


Brent crude

USD 50.69



Natural gas (Nymex)

USD 2.60




USD 1,946.70




USD 31,032


The EGX30 fell 0.3% yesterday on turnover of EGP 1.2 bn (10% below the 90-day average). Foreign investors were net buyers. The index is down 0.3% YTD.

In the green: Madinet Nasr Housing (+2.6%), Cleopatra Hospital (+2.2%) and Juhayna (+2.0%).

In the red: Orascom Development (-2.7%), Dice (-1.7%) and Pioneers (-1.7%).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.