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Economics and Markets

Brazil: A Year in Review, and What’s on The Horizon

Recent data suggests that the economy is gaining gradual steam, albeit from a subdued level. But despite the near-term optimism, whether the momentum is likely to be sustained through 2020 is far from clear.

23 Dec 2019

Emerging Market Debt in 2020: Global Investors on The Short, The Long, and Everything In-Between

Despite trade tensions, political volatility, and the occasional instance of societal upheaval, emerging market debt returns were broadly positive this year as investors once again hunted for yield against a backdrop of globally depressed rates. Will 2020 see much the same, or will concerns over global growth and rising political risk lead the market into a downturn? We summarise what top…

20 Dec 2019

Sabanci CFO on the Pivot Towards High-Tech and Broadening Access to Long-Term Funding

Large firms often fear getting outshone by their smaller and more nimble rivals, but Sabanci Holding – one of Turkey’s largest industrial and financial conglomerates – has recently emerged from a period of deleveraging to go on the offensive, making a series of strategic acquisitions and capitalising on emerging market opportunities that place technology at the centre of its growth strategy over…

19 Dec 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

Risk assets such as EM got a big boost last week, as tail risks from a hard Brexit and the US-China trade war have clearly ebbed. Still, the initial lack of details on the Phase One deal as well as uncertainty regarding the next phases have left the markets a bit jittery and nervous. Hopefully, this week may bring some further clarity and the good news is that the December 15 tariffs have been…

16 Dec 2019

Webinar: An Asian investor's outlook for Turkish and GCC credit in Q4 and beyond

We caught up with Todd Schubert, Managing Director, Head of Fixed Income Research, Bank of Singapore in advance of the Issuers & Investors Forum in Singapore to get his views on how Asian investors view Turkish and GCC credit.

10 Dec 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM has had a good month so far as market optimism on a Phase One trade deal remains high. Yet November trade data due out this week should show that until that deal is finalized, the outlook for EM remains weak. Deadline for the next round of US tariffs is December 15 and so talks this week are crucial. Lastly, three major EM central banks are expected to cut rates this week, underscoring the…

9 Dec 2019

HSBC Turkey Sees Syndicated Loan, Bond Volumes Rising on The Road to Recovery

Following a tumultuous 2018, Turkey’s economy is now back on the road to recovery as the pathway to reform becomes clearer and global markets stabilise. Bonds & Loans speaks with Yiğit Arslancık, Assistant General Manager and Head of Wholesale Banking at HSBC Turkey about improving market sentiment, the growth in sustainable finance, and investor engagement.

6 Dec 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

Over the weekend, China reported stronger than expected November PMI readings while Korea reported weaker than expected November trade data. While the China data is welcome, we put more weight on Korea trade numbers, which typically serve as a good bellwether for the entire region. Press reports suggest the Phase One trade deal has stalled due to Hong Kong legislation passed by the US Congress.…

2 Dec 2019

Colombia: Latin America’s Shining Star Dims amid Tax Law Setback

As the wave of social unrest spreads across Andes, investors are becoming wary of risks surrounding Colombia. In late October, the government presented a revised tax reform proposal to Congress after the initial bill was overturned due to procedural failings. While the new proposal is expected to pass, questions remain over the fiscal impact of the reform – and what it means for the outlook in…

26 Nov 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM came under pressure last week as doubts rose whether the Phase One deal can be completed. Also, the dollar was able to get some traction against the majors as the eurozone, UK, and Japan all reported weaker than expected November PMI readings. Divergences in the growth outlook and interest rate differentials should remain in the dollar’s favor. Furthermore, the weaker global growth outlook…

25 Nov 2019

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