Good afternoon, ladies and gentlemen, and a very happy THURSDAY to you all. It’s been a wild news week, and we’re very much looking forward to the weekend for a breather.

THE BIG STORY TODAY-

Egypt successfully closed its maiden Samurai bond issuance, selling USD 500 mn (c.JPY 60 bn) of the JPY-denominated bonds in Japan today, the Finance Ministry. The ministry took the issuance to market despite the spillover from the Russian invasion of Ukraine, and the sale makes Egypt the first in the region to issue JPY-denominated bonds in the Japanese market, the ministry said.

ALSO- The EGP continued strengthening against the greenback today, trading at 18.25 versus 18.42 yesterday. The EGP is now down 16.5% since the start of the week, just a little bit above the 15-16% overvaluation range analysts had previously pegged. Bankers and analysts we’ve spoken to have broadly been in agreement that the currency overshot following Monday’s devaluation, and will continue to strengthen until it settles at its fair value.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• It’s official: The government has requested support from the IMF to mitigate the impact of the war in Ukraine on its economy. Statements from the IMF and cabinet yesterday confirmed that the two sides are in talks on a new program, though it remains unclear what kind of assistance the Fund is willing to offer.
• valU to enter Saudi Arabia in 1H2022: EFG Hermes’ consumer finance platform valU will set foot in Saudi Arabia before the end of 1H2022, marking its first cross-border expansion.
• PE outfit Compass Capital has taken out a USD 10 mn mezzanine loan from South African fund manager Vantage Capital to fund the acquisition of six office buildings in New Cairo.

** CLARIFICATION- In this morning’s edition of EnterpriseAM, we picked up a story from Al Mal that incorrectly said Sequence Ventures’ Egypt Deep-Tech Fund has reached its first close of EGP 150 mn. Sequence Ventures Executive Chairman Karim Helal has since informed us that the fund expects to reach its first close after Ramadan. The story has been updated on our website.

THE BIG STORY ABROAD-

Ukrainian President Zelensky is lobbying for full EU membership and more NATO support, saying in a recorded speech to the Swedish parliament that Ukraine has “shown that we deserve to be a fully fledged member of the EU” by fighting against Russia “for Europe’s security,” Reuters reports. The Ukrainian president also asked NATO to send more military assistance to help stave off Russia’s invasion, and repeated his request for a no-fly zone over Ukraine, despite Western governments so far refusing to take this step.

The requests come as NATO, G7 nations, and the EU are each holding emergency meetings today, with US President Joe Biden attending all three in a show of support for Ukraine, according to EuroNews. Biden is expected to hold a news conference at the end of the day to recap his meetings, according to the Associated Press.

NATO Secretary General Jens Stoltenberg is extending his term for another year to hold down the fort as the war in Ukraine trudges on, reports Reuters, citing the Norwegian press. Stoltenberg was meant to take up the post of central bank governor in his native Norway after his term expires with NATO this coming October.

Meanwhile, the UK came out with a new laundry list of sanctions against Russia today, with 65 new measures targeting “a range of key strategic industries and individuals,” including Russian Railways, a Russian defense company that produces drones, six banks, and the stepdaughter of Russian Foreign Minister Sergei Lavrov, according to a statement.

And there could be even more sanctions coming: The trio of high-level meetings today feature discussions on ramping up sanctions and ways to mitigate the economic and security fallout spreading across Europe and the world.

MARKET WATCH-

Russian equities and the rouble appear to have shaken all of this off, with stocks rallying in the first day of trading on the Moscow Exchange in nearly a month. The exchange’s benchmark index rose 11% at the start of trading before paring gains to end the day up 4.4%, according to market data. Trading restrictions on foreigners and short selling remain in place, but the overall sentiment appears to be positive, “supported by the confidence that the finance ministry will buy stocks,” BCS Brokerage said, according to Reuters. Equity performance has been mixed, however, as energy firms saw significant gains while banking and airline shares sank. The rouble also rallied today, rising 2% to continue its recovery.

Oil has been see-sawing today as investors chewed over supply risks and the expectation of more sanctions on Moscow, Bloomberg reported. Brent futures fluctuated between losses and gains close at USD 123 per barrel as the US and EU inch closer to an agreement to cut dependency on Russia’s energy.

???? CIRCLE YOUR CALENDAR-

The Egypt International Mining Show (EIMS 2022) kicks off next Monday. The virtual event will wrap on Tuesday.

PSA- All individual taxpayers have until next Thursday, 31 March, to submit their 2021 tax returns to the Egyptian Tax Authority. The deadline for companies with January-December fiscal years is 30 April.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- It’s going to gradually get sunnier over the next week. Friday will see a daytime high of 20°C while Saturday promises temps of 23°C, our favorite weather app tells us. We’re still in store for some pretty cold nights, with both days seeing nighttime lows of 9°C.