Back to the complete issue
Sunday, 22 January 2023

Best start ever for bonds as nearly USD 600 bn in issuances flood global market

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%.


  • 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)




+0.5% (YTD: +10.1%)



Buy 29.77

Sell 29.87



Buy 29.79

Sell 29.89


Interest rates CBE

16.25% deposit

17.25% lending




+0.2% (YTD: +1.9%)




-0.1% (YTD: -0.2%)




0.0% (YTD: +0.5%)


S&P 500


+1.9% (YTD: +3.5%)


FTSE 100


+0.3% (YTD: +4.3%)


Euro Stoxx 50


+0.6% (YTD: +8.6%)


Brent crude

USD 87.63



Natural gas (Nymex)

USD 3.17




USD 1,944.90




USD 22,752

+0.5% (YTD: +38.5%)


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%).

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.