Bips & Pieces
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
Dubai, Saudi Arabia Start Easing Lockdown Measures
Authorities in Dubai and Saudi Arabia are to begin easing lockdown measures, although most restrictions on group gatherings remain in place.
27 Apr 2020
ADB approves USD1.5bn financing to support Philippines
The Asian Development Bank has announced a USD1.5bn financing package to support the Philippines’ response to COVID-19. The budget support will help protect the Philippines’ population and the healthcare system.
27 Apr 2020
Indonesia Enlists Central Bank to Backstop Government Sukuk Sales in Effort to Fund Additional COVID-19 Spending
The Central Bank of Indonesia participated in domestic government long-term sukuk sales this week following a rule change that allows it to directly access the securities through primary auctions. The move enables Bank Indonesia to backstop domestic sukuk sales as the government seeks to raise additional funding to help tackle the COVID-19 pandemic.
24 Apr 2020