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Bips & Pieces

Coronavirus Prompts UK Market Watchdog to Extend LIBOR Replacement Deadline

The UK Financial Conduct Authority (FCA) has extended the deadline for ending the use of the London Interbank Offered Rate (LIBOR) for new loans until the end of March next year in a bid to give borrowers and banks more breathing room as the market migrates to the Sterling Overnight Index Average (SONIA).

30 Apr 2020

COVID-19 Poses Severe Threat to South Africa’s Banking Sector - Fitch

The pandemic poses ‘significant downside risks’ to South African banks, according to Fitch Ratings, as asset quality and earnings face downward pressure.

30 Apr 2020

India Gets USD1.5bn From ADB to Finance COVID-19 Response as Domestic Borrowing Picks Up

The government of India has secured a USD1.5bn loan from the Asian Development Bank (ADB) to help fund its response to the COVID-19 pandemic, which has weighed heavily on the country’s growth prospects.

29 Apr 2020

Nigeria Pledges Switch to Domestic Market Funding as IMF Approves USD3.4bn in Support

Nigeria’s government plans to hold off borrowing internationally and instead tap the domestic market to finance the 2020 budget, the country’s president said this week. The move is seen as an important shift in government policy amidst tumbling oil prices and rising bond yields.

29 Apr 2020

Global QE Asset Purchases to Reach USD6tn in 2020 - Fitch

As economies across the globe are rattled by the economic chaos caused by the coronavirus pandemic, governments and central banks have been pulling out all the stops to buoy their economies. Quantitative easing (QE) is increasingly being deployed worldwide, with total purchases set to top USD6tn this year according to Fitch Ratings.

29 Apr 2020

Philippines Returns to International Capital Markets to Sell Dual-Trancher

The Philippines raised USD2.35bn from the sale of dual-tranche bonds in a deal that generated more than USD9bn in demand.

28 Apr 2020

Brazil Saw Largest Ever Monthly Foreign Capital Market Outflows in March

International investors have fled Brazil’s capital markets to the tune of USD22.2bn in March, according to data from Itau, the largest monthly outflow on record.

28 Apr 2020

Franklin Templeton India Fund Closure to Weigh on Corporate Bond Liquidity

Franklin Templeton India has announced the closure of six of its mutual funds in India, believing it to be the “only viable option to preserve value for unitholders and to enable an orderly and equitable exit for all investors in these unprecedented circumstances” according to a press release.

28 Apr 2020

New Binladin CEO Moves Ahead with USD15bn Restructuring – Report

Binladin International Holding Group is said to be moving ahead with an ambitious USD15bn debt restructuring that once complete could pave the way for its return to the forefront of the Saudi construction sector.

27 Apr 2020

Mozambique Secures USD309mn IMF Loan for Balance of Payments Support

The International Monetary Fund (IMF) approved a SDR227.2mn (approx. USD309mn) emergency loan for Mozambique late last week in a bid to help the country meet urgent balance of payment and fiscal needs stemming from the COVID-19 pandemic.

27 Apr 2020

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