Bips & Pieces
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
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
Mexico’s GAP Draws Down MXN1bn Credit Facility as Clouds Gather Over Aviation Sector
Mexico-based airport operator Grupo Aeroportuario del Pacífico (GAP) says it has drawn down a MXN1bn credit facility, with the proceeds used to keep capex up as the outlook on the aviation sector dims.
19 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
Oil Market is Rallying ‘Much Too Soon’ – ING
Oil markets continued to make a modest recovery this week amidst moves to ease lockdown restrictions in a number of countries worldwide. But a sustained recovery could be some way off, according to Warren Patterson and Wenyu Yao, commodities economists at ING.
19 May 2020
Fitch Sees Record Sovereign Defaults in 2020
The severe shock from the coronavirus pandemic is likely to lead to a record spike in sovereign defaults as risks grow for countries with weak fundamentals and heavy exposure to commodities and tourism, according to Fitch Ratings.
15 May 2020
Ukraine Finally Passes Banking Reforms, Clearing a Path for IMF Bailout
Ukraine passed an amendment to its banking rules this week that would prevent insolvent banks from being returned to their previous owners, potentially unlocking billions of dollars in support from the IMF and other multilateral institutions.
14 May 2020
Barings Sees Buying Opportunity in Short-Dated EM Debt
Emerging market corporate debt spreads blew-out following a sharp selloff in March, but the effect on issuer yield curves is creating new opportunities to buy into short-dated corporate debt, according to Barings.
14 May 2020
EM Assets Torn Between Fundamentals Deterioration and Unprecedented Liquidity Injections – Barclays
As a tussle between deteriorating fundamentals on the ground and unprecedented liquidity support from global central banks and governments ensues, emerging market sovereign bonds are starting to stratify between larger “haves” and smaller “have-nots”, with few countries falling in between, according to analysts at Barclays.
14 May 2020
India Announces Whopping INR20tn Stimulus Package
India’s Finance Minister Nirmala Sitharaman has announced part of a colossal INR20tn (USD265bn) stimulus programme aimed at reviving India's faltering economy, including measures aimed at supporting SMEs and the shadow banking sector.
13 May 2020