Insights

EGYPT : ISSUANCES ARE MULTIPLYING ... WITHOUT LOSING THEIR ATTRACTIVENESS Egypt has just successfully issued its first Eurobond in 2021. Used to this channel for its debt raising, Egypt has achieved its 13th Eurobond issuance since 2010.

Following our survey conducted in March, we have identified investors' expectations toward the evolution of the Moroccan central bank key rate on the sidelines of its 1st meeting of Q1-21.

The dollar is falling…, the euro more resilient. The EUR/USD parity downtrend, observed since the start of 2021, was interrupted this week. In fact, the euro exceeded $ 1.21 against $ 1.20 a week earlier.

COVID-19 crisis : a growth opportunity for the EUROBONDS market. Like previous crises, the Covid-19 pandemic has not been completely disadvantageous to the global economy.

A dynamic week under the sign of volatility The EUR/USD parity remains characterized by a strong volatility, torn between economic indicators reassuring Europeans and a difficult health situation generating fears of additional lockdowns in Europe.

If we had to sum up the year 2020 in one word. we would say without hesitation "VOLATILITY". Faced with the Covid-19 crisis. the MASI index underwent the fastest correction in its history.

At the beginning of the COVID-19 health crisis, Eurobonds' secondary market yields issued by African countries recorded significant increases.

After an issue of £á 1.0 Bn last September, the Moroccan Treasury succeeded this month the largest foreign currency fundraising in its history, equivalent to $ 3.0 Bn.

This year, the semi-annual review of MSCI FM was marked by a major event. It concerns the exit of Kuwait, an important country which weighed up to 37% within this index. After Qatar, the United Arab Emirates and Argentina, Kuwait joins the emerging countries club by integrating the MSCI EM index.