Egypt Macro | GCC debt roll-over is EGP supportive
FX outflows down by USD8.6bn, a c66% fall in 12-month predetermined drains of USD13bn for FY17/18. The CBE Governor announced this week that the KSA and UAE have agreed to roll-over deposits due in 2018, of USD2bn and USD2.6bn, respectively, for a five-year period. A USD2bn Kuwaiti deposit is also likely to be extended. The MoF and CBE are in the process of renewing the USD2bn REPO due end-2017, potentially adding a USD3bn tranche to the original issue. This will complement the issuance of cUSD4bn Eurobonds set for 1Q18, and boost NIR to cUSD45bn for FY17/18 (+10 import months) from our previous forecast and Sep-17 levels of USD36bn.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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