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Latest Articles

Global Interest Rates Outlook: Lower-for-Longer

The underlying factors behind low interest rates are unlikely to change in coming years, meaning that the near-zero yields are here to stay, Moody’s analysis suggests.

28 Jan 2020

Global Bips & Pieces Policy & Government

Egyptian Pound Bolstered by Foreign Inflows into LCY Market – Standard Chartered

Global risk appetite and high yields in Egypt’s local currency market are helping to bolster the strength of the Egyptian pound, according to a recent note from Standard Chartered.

28 Jan 2020

Africa-Russia Economic Linkages Will Struggle to Expand Beyond Security, Arms, Soviet Vestiges

There seemed to be no shortage of talk in 2019 around bolstering commercial and trade links between Russia and a number of African countries, but after high-level summits and dozens of press releases, industry observers see limited scope to expand those economic linkages beyond security, arms, and soviet vestiges.

28 Jan 2020

Geopolitical Policy Uncertainty, Asset Quality Deterioration, Vulnerability to Fickle Investor Sentiment Weigh on EM Banks – Especially in Turkey

Global and domestic tensions that could threaten policy continuity, asset quality deterioration, and shifting emerging market investor sentiment remain to remain the dominant risks for emerging market banks in 2020, says S&P Global. Turkey remains particularly vulnerable.

27 Jan 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

Geopolitical Policy Uncertainty, Asset Quality Deterioration, Vulnerability to Fickle Investor Sentiment Weigh on EM Banks – Especially in Turkey

Global and domestic tensions that could threaten policy continuity, asset quality deterioration, and shifting emerging market investor sentiment remain to remain the dominant risks for emerging market banks in 2020, says S&P Global. Turkey remains particularly vulnerable.

27 Jan 2020

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

The spread of the coronavirus continues and is likely to weigh on risk assets and EM. Most markets in Emerging Asia are closed for all or part of this week due to the Lunar New Year holiday. China has extended the holiday until February 2 as it struggles to contain the virus. The Asian region is just starting to recover from the global trade tensions, and now it must cope with what is likely to…

27 Jan 2020

Mexico 2020 Growth Forecast Revised Down Amid Frail Business Confidence

Inflation and investment are expected to remain steady, with potential upside from the manufacturing sector if USMCA is finalized, Banorte analysis predicts.

27 Jan 2020

Brazil Enjoys Record High Debenture Issuance Despite Regulatory Constraints

With an infrastructure gap estimated at USD50bn annually, Brazil is falling behind many of its regional peers. As the state pulls back from financing projects, private investors are ready and willing to step in – but many tell Bonds & Loans they need a steady and enabling regulatory environment to find their footing in the sector.

24 Jan 2020

CEO CFO Insights

Sabanci CFO on the Pivot Towards High-Tech and Broadening Access to Long-Term Funding

Large firms often fear getting outshone by their smaller and more nimble rivals, but Sabanci Holding – one of Turkey’s largest industrial and financial conglomerates – has recently emerged from a period of deleveraging to go on the offensive, making a series of strategic acquisitions and capitalising on emerging market opportunities that place technology at the centre of its growth strategy over…

19 Dec 2019

SRC CEO on Balancing Funding, Increasing Home Ownership, and Avoiding Western-Style Hubris

The Saudi government has set itself the ambitious task of turning roughly 70% of the population into homeowners, leading to a rapid step-up in mortgage provision and bolstering the need for balance sheet solutions required to keep the all-important liquidity wheel turning. That’s where Saudi Real Estate Refinance Company (SRC) comes into the picture. We speak with Fabrice Susini, the CEO of SRC,…

4 Dec 2019

Azizi Developments CFO Sees UAE Property Market Recovery in 2020

The UAE property market has made headlines throughout 2018 and 2019 – but largely for the wrong reasons, with oversupply and subdued demand straining balance sheets against the backdrop of sluggish economic growth. But not all property developers seem downbeat about the sector’s prospects. Fresh off securing the company’s debut credit rating, Mika Toivola, CFO, of Azizi Developments, a…

13 Nov 2019

GEMS Education CFO on Scaling the Multijurisdictional Treasury, Funding, and New Opportunities

An exclusive Bonds & Loans interview Ed Senior, acting CFO of GEMS Education, on the company's recent bond placement, acquisition of Ma’arif Education Group and key focus areas for 2020.

7 Nov 2019

Investor Insights

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

The spread of the coronavirus continues and is likely to weigh on risk assets and EM. Most markets in Emerging Asia are closed for all or part of this week due to the Lunar New Year holiday. China has extended the holiday until February 2 as it struggles to contain the virus. The Asian region is just starting to recover from the global trade tensions, and now it must cope with what is likely to…

27 Jan 2020

Prime Opportunities in EM, Loans & Inflation-Linked Securities – Neuberger Berman

Emerging market high yield debt, loans, and inflation-linked securities are amongst Neuberger Berman’s top picks within the fixed income space, according to a recent report from the firm’s Asset Allocation Committee.

23 Jan 2020

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

Market sentiment on EM remains positive after the Phase One trade deal was signed. Data out of China is also supportive for EM. Key forward-looking data this week are Taiwan export orders and Korea trade data for the first 20 days of January. The global liquidity story also remains beneficial for risk, with the ECB, Norges Bank, BOC, and BOJ all set to maintain steady rates this week.

20 Jan 2020

Deal Case Studies

Ecuador, Chile Join Growing List of Regional Issuers out of Latin America

The issuance pipeline in Latin America has really opened up this month with Ecuador and Chile joining a list of sovereigns tapping the international bond markets, including Colombia, Paraguay, and Mexico.

23 Jan 2020

CASE STUDY: IHS Towers Closes Largest Ever African Corporate Debt Deal

The USD1.8bn holistic financing included a local currency bond, Eurobond and loan, making it the largest corporate debt deal on the African continent.

23 Jan 2020

Saudi Arabia Prices Triple-Trancher, Leaving a Few Bips on the Table

The Kingdom of Saudi Arabia hit the market for the first time in 2020 to place USD5bn in bonds across three tranches, including a 35-year tranche – the country’s longest to date.

22 Jan 2020

Ferroport Debt Refinanced with Alternative Payment Schedules and “Funky” Use of Collateral

Ferroport’s USD350 million project bond issuance and Brazilian debenture bridge financing included very innovative uses of flexible payment profiles and cash escrow accounts. It was also rare 144z/RegS single-offtaker deal, carried out in a jurisdiction that is typically quite challenging for project financings.

22 Jan 2020

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Bonds & Loans
January / March 2020