The global corporate debt market is off to a running start this year, with companies raising over USD 100 bn in the first week of January as they rushed to lock in low borrowing costs before interest rates climb, the Financial Times reports. The bumper start comes as a close second to last year’s blockbuster USD 118 bn, which was a 19-year record. Analysts expect the barrage of issuances to continue in the early stages of this year, even as volatility caused by tightening monetary conditions begins to present a challenge to issuers.

The embattled former chairman of NMC Health was ordered by a London court to pay USD 131 mn to Barclays in compensation over a 2020 transaction agreement that was never fulfilled, the Times of London reports. The ruling relates to unpaid debts at B.R. Shetty’s foreign exchange business, Finablr, not NMC Health, which was forced into administration after a fraud scandal.

Inflation in advanced economies rose to a 25-year high of 5.8% in November, up from 1.2% in November 2020, according to data released by the fi-kasino-online.net. Inflation was largely driven by energy prices — which rose 28% y-o-y, up three percentage points from October — and food prices, which rose 5.5% y-o-y in November. Most major central banks in the nearly-40 OECD countries are still resisting interest rate hikes as they insist that inflation is transitory, the Financial Times notes.

THE CLOSING BELL-

The EGX30 fell 0.2% at yesterday’s close on turnover of EGP 986 mn (19.3% below the 90-day average). Foreign investors were net sellers. The index is up 0.4% YTD.

In the green: MM Group (+3.1%), TMG Holding (+1.1%) and Abu Qir Fertilizers (+1.1%).

In the red: Speed Medical (-3.1%), GB Auto (-2.8%) and Mopco (-2.4%).