Bips & Pieces
Countries Must Protect ‘Natural Capital’ to Lower Sovereign Credit Risk – Grantham Research Institute
The London School of Economics’ Grantham Research Institute on Climate Change and Environment and think tank Planet Tracker have published a report exploring the link between a country’s sovereign bonds and its natural resources, outlining a new research framework intended to allow market participants to integrate these considerations into the credit analysis process.
7 Feb 2020
MENA PMIs Slumped in January as Short-Term Volatility Weighs on Sentiment
PMI indicators – a rough barometer of business sentiment – from some of MENA’s largest countries slumped in January as global volatility weighed on the region’s economies.
7 Feb 2020
Ghana Raises USD3bn Across Three Tranches – Including SSA’s Longest-Dated Eurobond
Ghana raised USD3bn across 7, 15, and 41-year notes this week, the region’s longest-dated bond issuance to date and a major milestone for the country.
6 Feb 2020
NKBM’s Subordinated Bond Issue ‘Credit Positive’ – Moody’s
Nova Kreditna banka Maridor, Slovenia’s second-largest bank is planning to issue a EUR90.4mn subordinated bond – the bank’s first foray into the international capital markets since its 2013 default and subsequent privatisation.
6 Feb 2020
Risk-Off Sentiment ‘Relatively Limited’ in Response to Coronavirus – Blackrock
As a growing number of cases of coronavirus are confirmed outside of China markets have become shaky.
6 Feb 2020
Province of Buenos Aires Blinks on Debt Repayment, Catching Some Investors Off-Guard
The Province of Buenos Aires said this week that it would make a payment on its January 2021 bonds after failing to reach an agreement with enough creditors on extending a delay, which came as a positive surprise to observers and creditors owed some USD3bn in payments due this year.
5 Feb 2020
Twin Deficits Leaves ZAR vulnerable – Standard Bank
Over the past week the rand has weakened as the global coronavirus outbreak causes markets to jitter. The rand is particularly vulnerable due to the country’s twin deficits – both current and fiscal – being run by the government, which “both compare poorly in the global context” according to a recent report by Standard Bank.
5 Feb 2020
India’s Budget Fails to Offer Expansionary Fiscal Stimulus
India’s Finance Minister, Nirmala Sitharaman, unveiled the 2020 Union Budget of India this week to a lukewarm reception, as it failed to offer the expansionary fiscal policy measures many believe necessary to kickstart the struggling economy.
5 Feb 2020
MENA Loan Markets Heat up After Busy January Bond Pipeline Loses Momentum
A spate of loans inked by GCC-based borrowers are helping to fill a vacuum left by a busy bond season in January.
5 Feb 2020
EM Local Markets and USD High Yield from Ukraine, Egypt to Remain Attractive in 2020 - Nuveen
In its global investment outlook note titled “20/20 vision: a clearer path for growth” the firm maintains a bullish stance on emerging markets.
4 Feb 2020