Pre-Trading Thoughts

Egypt's USD1.5 billion Sukuk issuance was c.4x oversubscribed, which narrowed the final yield to 10.875% from an initial guidance of 11.625%. Cabinet approved yesterday setting price floors for corn, soybean, and sunflower crops sold by farmers to the government, to encourage farmers to increase production and lower the country’s import bill. FDI in 1QFY22/23 reached USD3.3 billion (+94% YoY). Egypt secured USD330 million from Japan to support The Universal Healthcare program. Cabinet approve...