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Bips & Pieces

Sierra Leone Secures USD143mn from IMF to Support COVID-19 Response

The IMF has approved a USD143mn loan for Sierra Leone under its Rapid Credit Facility to help the West African nation finance a rapid rise in health spending.

4 Jun 2020

Slew of Downgrades in India May Clash with Efforts to Attract International Bond Investors

India entered the COVID-19 crisis with a slew of pre-existing vulnerabilities. Now, with the country wracked by the impact of the virus, Moody’s has downgraded a number of notable Indian institutions, joining other rating agencies in placing the sovereign within touching distance junk status.

3 Jun 2020

Mexico’s Cemex Readies USD1bn Bond Issuance as Construction Outlook Weakens

Mexico-based Cemex plans to sell USD1bn in senior secured notes to international investors this week, the company said.

3 Jun 2020

Retail, Institutional Investors Head in Opposite Directions on EM Debt

Net fund flows into emerging market debt were flat for the week ending May 27, with investors continuing to favour hard currency debt over local assets.

2 Jun 2020

Fall in SAMA’s Reserves Due to Asset Transfer to PIF – Goldman Sachs

April saw foreign exchange reserves at the Saudi Arabian Monetary Authority (SAMA) continue to fall by an additional USD24.7bn, with the total decline over March and April now totalling some USD48.7bn. This was largely due to a liquidity injection into the Public Investment Fund (PIF).

2 Jun 2020

Chile Follows Peru in Securing USD23.9bn Two-Year Credit Line from IMF

The IMF has approved a USD23.93bn two-year credit line for Chile, the latest Latin American country to turn to the multilateral agency for help bolstering fiscal buffers in a bid to mitigate the negative effects of the coronavirus pandemic.

1 Jun 2020

Peru Secures USD11bn Two-Year Credit Line from IMF

The IMF has approved a USD11bn flexible credit line with the Peru to help the Latin American nation cushion the impact of the coronavirus pandemic on its economy.

29 May 2020

GCC Debt Sees Strong Demand in Q2 But Worsening Outlook Raises Alarms

GCC sovereign bond issuance surged to USD26bn and attracted more than USD140bn in demand through the second quarter of this year as the region’s governments flocked to international markets to cover deficits sent wider by lower oil prices and depressed economic activity. Some analysts say investors should not be so quick to shrug off some of the macroeconomic pressures weighing on the region.

29 May 2020

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

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

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