Global bond-sale bonanza rings in the year with a record start: Governments and companies issued USD 586 bn worth of bonds through to 18 January, making 2023 the busiest start to the year on record in the global bond market, Bloomberg reports. Issuers are taking advantage of a strong market rally which has seen bond prices rise 4.1% since the start of the year, the best performance since records began in 1999. Investors have re-entered the market in droves in response to slowing inflation and hopes that central banks will relax their aggressive monetary tightening policies.

A record week for EMs: Emerging-market equity and bond funds saw a record USD 12.7 bn in inflows last week as China’s relaxation of its covid-19 curbs continues to drive optimism, according to Bank of America figures picked up by Reuters.

Some notable forecasts for 2023: Bloomberg Intelligence forecasts 8% gains for emerging-market bonds this year, with bonds of longer maturities — led by real-estate investment trusts (REITs), natural gas and sovereign bonds — potentially notching higher returns. US investment-grade bonds are expected to return 10% in 2023, while investment-grade euro-denominated credit may advance 4.5%.

ALSO WORTH NOTING-

• A bad year for the EBRD? The European Bank for Reconstruction and Development (EBRD) is bracing for record losses in 2022 triggered by its portfolio holdings in Russia and Belarus. (Reuters)
• Startup winter continues as Shein valuation slashed in talks for new funding: Chinese fashion startup Shein’s negotiations to raise up to USD 3 bn from existing investors would reportedly slash its valuation by more than a third to USD 64 bn. (Financial Times)
• More tech job cuts: Google parent Alphabet will let go of some 12k employees, following in the footsteps of Microsoft and Amazon which together began slashing their headcounts by 28k last week. Alphabet’s announcement takes total job cuts in the tech industry over the past year to over 200k. (Financial Times)
• Aramco prepares for IPO of trading unit: Saudi Aramco has combined US refiner Motiva Trading with its trading arm in preparation for an IPO that could value the business at more than USD 30 bn. (Statement | Bloomberg)
• Another crypto firm bites the dust: Crypto lender Genesis became the latest victim of the FTX collapse and the downturn in the crypto markets on Thursday when it filed for Chapter 11 bankruptcy. (Statement | Coindesk)

	EGX30	16,066	+0.5% (YTD: +10.1%)
	USD (CBE)	Buy 29.77	Sell 29.87
	USD at CIB	Buy 29.79	Sell 29.89
	Interest rates CBE	16.25% deposit	17.25% lending
	Tadawul	10,682	+0.2% (YTD: +1.9%)
	ADX	10,187	-0.1% (YTD: -0.2%)
	DFM	3,353	0.0% (YTD: +0.5%)
	S&P 500	3,973	+1.9% (YTD: +3.5%)
	FTSE 100	7,771	+0.3% (YTD: +4.3%)
	Euro Stoxx 50	4,120	+0.6% (YTD: +8.6%)
	Brent crude	USD 87.63	+1.7%
	Natural gas (Nymex)	USD 3.17	-3.1%
	Gold	USD 1,944.90	+0.2%
	BTC	USD 22,752	+0.5% (YTD: +38.5%)

THE CLOSING BELL-

The EGX30 rose 0.5% at Thursday’s close on turnover of EGP 911.58 mn (46.5% above the 90-day average). Local investors were net sellers. The index is up 10.1% YTD.

In the green: Palm Hills Development (+9.2%), Heliopolis Housing (+6.7%) and Cleopatra Hospitals (+3.9%).

In the red: e-Finance (-4.2%), Orascom Construction (-2.0%) and EFG Hermes (-1.9%).