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Latest Articles

Spike in Airline Debt to Weigh on Sector's Recovery

A recent report from the International Air Transport Association (IATA) notes that the global debt of the airline industry could climb by 28% to USD550bn by end 2020 – a USD120bn increase from the start of the year.

28 May 2020

Global Bips & Pieces Coronavirus

Intellidex: South Africa Should Issue a Social Bond to Finance Pandemic Support

South Africa should explore the possibility of issuing a social bond to help finance programmes aimed at countering the impact of COVID-19, according to a recent paper published by a group of economists.

28 May 2020

LATAM Airlines Follows Avianca in Seeking Bankruptcy Protection, Debt Restructuring

LATAM Airlines announced this week that it would seek bankruptcy protection and restructure its debt after a steep fall in regional and global passengers due to coronavirus-related lockdowns left the company struggling to maintain cashflows and pay off maturing debt.

27 May 2020

Philippines gets USD400mn from ADB to Boost Capital Markets, Infrastructure Development

The Asian Development Bank (ADB) has approved a USD400mn loan for the Philippines this week, with the proceeds going towards supporting a range of policy initiatives including the development of domestic capital markets and infrastructure-linked debt.

26 May 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

Jordan Secures USD396mn from IMF to Tackle Rising COVID-19 Costs

The IMF has approved USD396mn in fresh funding for Jordan as the Kingdom looks for additional support to plug a growing fiscal deficit stretched even wider by the coronavirus pandemic.

22 May 2020

Moody's: G20 Debt Suspension Will Only Marginally Ease Pressures on EM Economies

The decision to suspect debt payment on debt to some of the world’s poorest economies will only marginally ease pressures on financing, according to a recent report from Moody’s Investors Service.

22 May 2020

With Widescale Chinese Debt Forgiveness in Africa Unlikely, Focus Shifts to Vulnerable Debtors

China has signalled its willingness to provide debt service relief alongside the G20 by signing onto the landmark agreement in April, a crucial tailwind for several Sub-Saharan African countries. But with wholesale debt forgiveness unlikely and debt reprofiling renegotiations potentially stretching on much longer than expected, attention is now shifting to some of the region’s more vulnerable…

21 May 2020

Scotiabank Says Brazil’s Lessez-Fair Lockdown Could Bring Long-Term Pain for Short-Term Gain

As Brazilian retail sales surprise on the upside, analysts at Scotiabank warn that lack of a clear policy and lessez-fair domestic lockdown could lead to a long and difficult recession down the road.

20 May 2020

CFO Insights

Enel Americas CFO: ‘These are Challenging Times, but a Unique Learning Opportunity Too’

In an exclusive interview Bonds & Loans spoke to Aurélio Bustilho de Oliveira, CFO Enel Américas, about ESG, deleveraging and coping with the impact of the pandemic while also supporting the supply and value chains.

21 May 2020

Off the Record: CFOs and Treasurers Target Working Capital Management and Supply Chain Support as Lockdowns Grip Markets

While governments and multilateral agencies announce a raft of measures to support businesses, banks, and individuals, UAE-based CFOs and treasurers batten down the hatches as focus shifts towards liquidity management, supplier support, and cost reduction.

29 Apr 2020

Vive Energia: ‘In Times of Crisis, All You Can Do is Push Ahead’

Vive Energia, a Renewable Energy Development Company and Consulting Firm, is going ahead with a number of wind and solar energy projects across Mexico, even as volatility engulfs global markets and liquidity drains out of EM assets. Jose Antonio Aguilar, Principal at Vive Energia, talks about pros and cons of project financing, the idiosyncratic challenges of the energy sector in Mexico and the…

17 Apr 2020

CFOs and Investors Say AMLO Administration Needs to Build Mexico’s Story in its “Second Season”

Investors and CFOs attending an exclusive roundtable discussion organized by Bonds & Loans and HSBC on the sidelines of the Bonds, Loans & Derivatives Conference in Mexico City in February expressed cautious optimism about the economy in 2020, noting that early successes found in the government’s strong fiscal discipline and its successful negotiation of the USMCA could become the building blocks…

8 Apr 2020

Investor Insights

RBI to Increase Borrowing, But Unclear How Else Government Will Raise Funds

The Reserve Bank of India (RBI) is upping its borrowing requirements by more than 53% to INR12tn for the financial year, but it's unlikely to be enough to finance the government's ambitious stimulus programme.

12 May 2020

BBH: Turkey’s Desperate Moves Unlikely to Buoy the Lira

The Turkish lira continues to tumble. This feels like a rerun of the last lira crisis back in August 2018. Surprisingly little has changed fundamentally in the nearly two years that have passed, as officials have largely refrained from taking any significant actions except those that make it even harder to invest in Turkey. Turkey used to be the darlings of EM. Now, we fear it will end up being…

11 May 2020

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM assets are coming off a good week, but storm clouds lie ahead. The economic data last week for unequivocally bad, and this week is unlikely to bring much relief. With risk-off sentiment picking up, we expect EM to come under pressure this week.

4 May 2020

Deal Case Studies

Intellidex: South Africa Should Issue a Social Bond to Finance Pandemic Support

South Africa should explore the possibility of issuing a social bond to help finance programmes aimed at countering the impact of COVID-19, according to a recent paper published by a group of economists.

28 May 2020

Nigeria Opens Subscriptions for NGN150bn Sukuk as Shift to Local Market Funding Accelerates

Nigeria’s debt management office (DMO) has opened the book on a NGN150bn (approx. USD385mn) sukuk, part of the government’s wider efforts to shift back to domestic markets for funding in a bid to help relieve pressure on foreign currency reserves.

22 May 2020

Abu Dhabi Dips Back into April Triple-Trancher to Raise USD3bn

The emirate of Abu Dhabi raised USD3bn from global investors this week in a retap of three bonds issued just one month ago.

20 May 2020

Turk Eximbank Inks USD678mn Loan to Help Domestic Exporters

Turkey’s export credit agency secured a USD678mn syndicated loan from a group of domestic and international lenders, according to a social media post published by the country’s Trade Minister.

19 May 2020

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April / June 2020