Auctions

PRIME Research

Apr 06, 2023

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Today’s Top News & Analysis

Another slight improvement in Egypt's Net Foreign Reserves in March 2023
CBE accepts EGP131bn of deposits in a corridor-linked auction
Investors raise the bar of required yield of Treasury bonds
Suez Canal revenues increased 38.5% y/y in March 2023
Cabinet approved minimum wages for state employees and workers
Eagle Chemicals ups offer again on PACHIN

Macro

Another slight improvement in Egypt's Net Foreign Reserves in March 2023

Egypt's Net Foreign Reserves (NIR) increased slightly in March 2023 to USD34.45bn by USD95mn from USD34.35bn in February 2023. This is the seventh month of improvement in a row since September 2022. (CBE)

CBE accepts EGP131bn of deposits in a corridor-linked auction

Yesterday, the Central Bank of Egypt (CBE) has accepted EGP131bn of corridor-linked deposits with an average yield of 18.88% for a maturity of 56 days. Also, CBE had previously accepted EGP130bn in the bid held on 29 March and another EGP200bn on 22 March. (CBE)

Investors raise the bar of required yield of Treasury bonds

In a bid held last Monday, the Central Bank of Egypt (CBE) required EGP3bn for 3-year semi-annual coupon Treasury bonds. However, out of the EGP5.8bn submitted bids, only EGP1mn for 21.7% was accepted due to the high required yield that reached 28%. (CBE)

Suez Canal revenues increased 38.5% y/y in March 2023

The chairman of Suez Canal Authority (SCA) has announced that the canal’s revenues recorded USD832mn in March 2023 (+38.5% y/y), while the number of ships increased to 2,191 ship (+20.6% y/y). (Al-Mal)

Cabinet approved minimum wages for state employees and workers

The Cabinet approved adjusting the minimum wages for employees and workers in the government bodies and economic public bodies as follows:

1. At least EGP10,500/month for the excellent grade or equivalent.

2. At least EGP8,500/month for the high grade or equivalent.

3. At least EGP7,000/month for the general manager or equivalent.

4. At least EGP6,500/month for the first grade or equivalent.

5. At least EGP5,500/month for the second grade or equivalent.

6. At least EGP5,000/month for the third grade or equivalent.

7. At least EGP4,500/month for the fourth grade or equivalent.

8. At least EGP4,000/month for fifth grade or equivalent.

9. At least EGP3,500/month for sixth grade or equivalent.

10. At least EGP 6,000/month for a Master’s degree.

11. At least EGP7,000/month for a Ph.D. holder. (Arab Finance)

Corporate

Eagle Chemicals ups offer again on PACHIN

Eagle Chemicals has upped its offer to acquire up to 100% of Paints & Chemical Industries Holding (PACHIN) [PACH] to EGP39/share, up from the last offer of EGP37/share. (Company disclosure)