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Bips & Pieces

Yes Bank Taken Over by RBI in Dramatic Move, Highlighting Continued Banking Sector Woes in India

Yes Bank Ltd, India’s fourth-largest privately-owned lender, had its board superseded by the Reserve Bank of India this week, an extraordinary move that sent the company’s stocks and bonds crashing and a further sign of the country’s continued difficulty resolving poor bank balance sheets. If the RBI gets the resolution right, however, it could catalyse a swift reversal in sentiment that has long…

6 Mar 2020

As Fear Takes Over, Markets Should Take Refuge in Buying Opportunities that Epidemics Create – William Blair

The last week of February saw markets end at levels not seen since May 2019 and some of the largest asset sell-offs in nearly 10 years. But while it’s always difficult to predict market behaviour, participants should gain some comfort from the fact that market reactions to previous epidemics have been relatively short-lived and generally create more buying opportunities, say emerging market debt…

6 Mar 2020

Saudi Construction Sector to Grow 1.4% this year, Average 3.2% Annually to 2029

Saudi Arabia’s construction sector is forecast to grow 1.4% in 2020 and 2.1% in 2021, Fitch Solutions said in a report published this week.

6 Mar 2020

Jain Irrigation Rating Cut in First Emerging Market Green Bond Default

S&P this week cut the rating of India-based irrigation company Jain Irrigation Systems to ‘D’ after the company failed to make interest payments on a green bond, the first default on a green bond in emerging markets.

5 Mar 2020

Russia’s GTLK Braves Market Volatility to Issue USD600mn Eurobond

The issuance came at a significant premium and questions have been raised about the timing, as a 50bp Fed rate cut arrived shortly after the placement.

5 Mar 2020

India to Counter Impact of Coronavirus Through Renewed Credit Growth – IDFC Mutual Fund

The Fed’s decision to cut rates on Tuesday by a further 50bps in response to the coronavirus marked the latest in a series of strong policy responses from monetary authorities and governments worldwide. According to Suyash Choudhary, Head of Fixed Income at IDFC Mutual Fund, India looks likely to follow the US in utilising additional fiscal and monetary measures.

5 Mar 2020

Alhokair Group Inks Islamic Loan and Revolver with Local and Regional Lenders

Alhokair Group secured a USD800mn funding package this week from a handful of domestic and regional lenders in a bid to consolidate its debt, the company said.

5 Mar 2020

Atlas Renewable Energy Prints Largest Latin American Solar Green Private Placement

Atlas Renewable Energy sold a USD253mn private placement in US markets this week to refinance debt linked to two solar PV power plants in Chile, the largest US solar green private placement out of Latin America to date.

4 Mar 2020

Russian Government Issuance Surged in 2019, RUB and Hard Currency Bond Yields Diverge

Demand for government notes grew 1.5x from 2018, but was outpaced by more than 3x increase in supply, according to official state figures.

4 Mar 2020

IMF Marks “Good Progress” in Ukraine Visit, but More Reforms Needed

The International Monetary Fund said this week that it had made good progress in talks with the Ukrainian authorities over the approval for a new loan programme to Ukraine worth USD5.5bn but its disbursement depends on Kiev’s performance on reforms, including a special law on banking.

3 Mar 2020

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