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Thursday, 23 September 2021

Saudi wealth fund to jump on the green debt bandwagon

Saudi Arabia's sovereign wealth fund will soon announce its first green debt issuance, with borrowing linked to sustainability, according to Reuters. This will be the first issuance of its kind done by a sovereign fund, Yasir Al Rumayyan, governor of the Public Investment Fund, said during a virtual conference.

Green debt issuance is on the rise in MENA after the value of green and sustainability-linked debt sales in the MENA region rose by 38% y-o-y in the first six months of 2021. Egypt became the first country in the region to issue sovereign green bonds last year, raising USD 750 mn.

Up

EGX30

10,596

+0.9% (YTD: -2.3%)

None

USD (CBE)

Buy 15.66

Sell 15.76

None

USD at CIB

Buy 15.66

Sell 15.76

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

11,270

-0.4% (YTD: +29.7%)

Up

ADX

7,781

+0.4% (YTD: +54.2%)

Up

DFM

2,843

+0.2% (YTD: +14.1%)

Up

S&P 500

4,395

+1.0% (YTD: +17.0%)

Up

FTSE 100

7,083

+1.5% (YTD: +9.6%)

Up

Brent crude

USD 76.19

+2.5%

Down

Natural gas (Nymex)

USD 4.77

-0.7%

Down

Gold

USD 1,769.10

-0.6%

Up

BTC

USD 43,341

+4.7% (as of midnight)

THE CLOSING BELL-

The EGX30 rose 0.9% at yesterday’s close on turnover of EGP 1.2 bn (23.9% below the 90-day average). Regional investors were net buyers. The index is down 2.3% YTD.

In the green: Pioneers Holding (+7.6%), Raya (+6.5%) and Cleopatra Hospitals (+4.7%).

In the red: Credit Agricole (-0.9%), Fawry (-0.5%) and CIRA (-0.2%).

Asian markets are mixed this morning, with the Nikkei and Kospi both in the red while shares in Hong Kong and Shanghai are in the green. Futures suggest shares in Paris, London, Frankfurt will open in the green later this morning — and that both Bay Street and Wall Street will follow suit later today.

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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.