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Latest Articles

Multi-Notch Sovereign Downgrades Likely Across Emerging Markets – Fitch

The onset of the coronavirus and a slump in the oil price is leading to a rise in the likelihood of multi-notch sovereign downgrades.

7 Apr 2020

Global Ratings Bips & Pieces

Central Bank of Brazil Prohibits Dividends, Pay Rises for Banks

The National Monetary Council (CMN) of the Central Bank of Brazil has temporarily prohibited pay rises for financial institutions in the country until September 2020. The ban is aimed at ensuring that funds are used to maintain credit and to absorb any future losses that may occur.

6 Apr 2020

MENA PMIs Fall Sharply as Supply Chain Disruption, Output Decline Dampens Sentiment

PMI readings for the UAE, Saudi Arabia and Egypt treaded further into negative territory this week as businesses continue to come to grips with declining sales and supply chain disruptions.

6 Apr 2020

New Development Bank Places RMB5bn ‘Coronabond’ in Interbank Market to Help Finance Chinese Healthcare Initiatives

The New Development Bank (NDB) raised RMB5bn in the Chinese Interbank bond market at the end of last week, with the proceeds going towards financing public health expenditure to help combat coronavirus in several Chinese provinces.

6 Apr 2020

Webinars

Webinar: What are the top themes likely to dominate emerging market investing in 2020?

Mark Mobius, Director of Mobius Capital Partners gives his outlook for 2020

2 Jan 2020

Webinar: An Asian investor's outlook for Turkish and GCC credit in Q4 and beyond

We caught up with Todd Schubert, Managing Director, Head of Fixed Income Research, Bank of Singapore in advance of the Issuers & Investors Forum in Singapore to get his views on how Asian investors view Turkish and GCC credit.

10 Dec 2019

Webinar: Between The Spread: 2008 Financial Crisis - 10 Years On

In this exclusive Bonds & Loans webinar we chat to Brad Tank, CIO of Neuberger Berman, on the aftermath of the biggest financial crisis the world faced in the past 30 years - and where the global markets are ten years on.

10 Oct 2018

Macro Analysis

Multi-Notch Sovereign Downgrades Likely Across Emerging Markets – Fitch

The onset of the coronavirus and a slump in the oil price is leading to a rise in the likelihood of multi-notch sovereign downgrades.

7 Apr 2020

Mexico 2021 Growth Revised Down, Higher Deficit Expected

The finance ministry forced to price in the economic damage from the pandemic into its forecast for an economy that was already in recession.

6 Apr 2020

Fitch Downgrades Three Nigerian Banks Due to Pressure from COVID-19, Oil Price

The three highest-rated Nigerian banks – Zenith, Guaranty Trust Bank (GTB), and United Bank for Africa (UBA) have been downgraded by Fitch.

30 Mar 2020

COVID-19 Could Restart US-China Trade Tensions – Control Risks

With the US likely to fall into a recession combined with widespread social disruption caused by the lockdown, Trump’s re-election this November appears uncertain. Far from soothing tensions between the US and China, the pandemic has heightened them.

27 Mar 2020

CFO Insights

Latin American Borrowers Brace for Volatility, Draw Down Credit Lines

Mexico’s Televisa and Brazil’s Vale are the latest corporates to make use of any credit available to them in what is likely to be a slew of regional and emerging market borrowers looking to shift into capital conservation mode in a turbulent market.

26 Mar 2020

Interview: Fermaca CFO on Funding Plans and Opportunities in Mexico’s Infrastructure Sector (Spanish)

Fermaca is a leading operator of gas infrastructure in Mexico, which builds, owns and operates pipelines and other related energy assets in the country. Daniel Elguea, Chief Financial Officer of Fermaca, discusses the company’s performance in 2019, the Treasury’s objectives for 2020 the outlook for the infrastructure sector in Mexico.

24 Mar 2020

DAE Recommends Buying its Own Dip in Bond Repurchasing Boost

Dubai Aerospace Enterprise (DAE) has touted its bond repurchasing programme in a bid to shore up demand for its outstanding notes, a move that could be replicated by other regional issuers seeing a drop-off in credit demand.

3 Mar 2020

MENA Borrowers Weigh Costs and Benefits of Debut DCM Deals as Appetite for Funding Diversification Grows

CFOs and Treasurers from across the region are looking at ways to diversify their funding base and reduce their dependence on the region’s deep-pocketed lenders, with the debt capital markets – which has grown leaps and bounds over the past decade – looking increasingly likely to be the dominant means of doing so. But how to shift internal cultures around disclosure, engage new investors, and…

20 Feb 2020

Investor Insights

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM may get a little support from a potential OPEC+ deal to limit oil. Even if a deal is struck, the impact is likely to be fleeting as the global growth outlook remains terrible. We remain negative on EM for the time being. Head of EM Strategy Win Thin's take on key data drivers this week.

6 Apr 2020

BBH: EM Preview for the Week Ahead

EM went along for the ride last week as risk sentiment got a huge boost from the Fed’s QE and the passage of the US Senate-led stimulus bill. This week, improved China PMI readings for March may help the risk rally extend for a bit. Yet the economic toll will still be large as more and more countries go into lockdown. When the scope of the downturn becomes better known, we believe risk sentiment…

30 Mar 2020

EM Telecoms During the Crisis: A Different Kind of Going Viral

When most other sectors face an unprecedented crisis, the telecoms industry could stand to benefit as demand for digital communciations soars on the back of requirements for self-isolation and quarantines across most of the world's nations, argues Manulife's Richard Segal, but the ability of telecoms to prosper in challenging times varies significantly from market to market.

27 Mar 2020

Deal Case Studies

New Development Bank Places RMB5bn ‘Coronabond’ in Interbank Market to Help Finance Chinese Healthcare Initiatives

The New Development Bank (NDB) raised RMB5bn in the Chinese Interbank bond market at the end of last week, with the proceeds going towards financing public health expenditure to help combat coronavirus in several Chinese provinces.

6 Apr 2020

Akbank Renews USD510mn Syndicated Loan Despite Market Volatility

Akbank has successfully renewed a USD510mn syndicated loan, marking a rare transaction amidst a volatile market backdrop. With a one-year maturity, the loan priced at LIBOR+2.25%, lower than the previous cost of borrowing on the facility in March last year.

3 Apr 2020

Celebrating Excellence and Innovation in the Capital Markets: A Look at the 2020 Bonds, Loans & Sukuk Middle East Awards Winners

This year’s Bonds, Loans & Sukuk Middle East Awards saw no shortage of firsts as the region’s borrowers and finance professionals pushed the boundaries of the possible through new structures and techniques in a range of transactions.

2 Apr 2020

The Top 10: Latin America’s Deals of the Year

Bookended by a volatile 2018 and an exceedingly turbulent 2020, last year was one of the busiest on record for Latin America’s credit markets, impressing not just by volume and number of transactions but also by their increasing complexity and inventiveness of the structures deployed, making the selections for the Latin America Deals of the Year Awards tougher than ever. Multi-jurisdictional…

1 Apr 2020

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April / June 2020