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Economics and Markets

SBM Intel: “Nigeria is broke, but it’s not acting like it”

All is not well in the largest economy on the African continent. Nigeria faces an array of issues, largely the result of internal political problems. Bonds & Loans speaks with Cheta Nwanze, Head of Research at SBM Intelligence, about public debt, central bank independence, and growing political risk in Nigeria.

30 Oct 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM has been on a good run but this week will be a big test. Brexit uncertainty may finally end. Or it may not. A delay would be positive for EM, whilst a potential hard Brexit would be negative. The Fed meets Wednesday and key US data will be reported during the week, culminating with the jobs report Friday. The dollar has been on its back foot as September data have come in weaker than expected,…

28 Oct 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

We are beginning to become more constructive on EM. The main trigger for some optimism is the shifting US-China dynamic. In our view, the partial trade deal reveals weakness on the part of the US. Reports suggest China will begin pushing for all existing tariffs to be dropped as part of Phase 2, which would be very positive for EM. That is still likely months away but this shifting dynamic bears…

21 Oct 2019

Subdued Loan Activity, Low Rates Bring DFIs and Commercial Banks into Closer Competition in EM

With global loan volumes at their lowest levels since 2012 and persistently depressed global interest rates the prevailing norm, commercial banks operating in emerging markets are increasingly competing for deals with multilateral development finance institutions – the latest sign of how an abundance of liquidity is skewing markets and blurring the lines between financial market stakeholders.

18 Oct 2019

Assessing Saudi Arabia’s Investment Landscape: What Investors Really Think

Saudi Arabia’s economic prospects are on a positive trajectory, but a number of leading investors are of the view that the market is missing the mark when it comes appraising the Kingdom’s ability to achieve its fiscal consolidation objectives or tackle emerging headwinds. Whilst significant reforms have opened the country to greater FDI and boosted investor confidence, concerns regarding the…

16 Oct 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM benefited greatly from the improvement in US-China trade relations and quite possibly Brexit. The dollar is likely to remain under some pressure near-term as a result. Yet we must caution investors against getting too optimistic. The details of the partial trade deal still need to be worked out, while existing tariffs will still remain in place if the deal is signed next month as most expect.…

14 Oct 2019

SWOT Analysis: African Credit Markets in 60 Seconds

Bonds & Loans examines the strengths, weaknesses, opportunities and threats across Africa following a research trip to the region.

10 Oct 2019

Exclusive: Eaton Vance Looks Beyond the Index

Most dedicated fixed-income investors have by now realized that emerging markets cannot be treated homogenously, and that blanket statements or generalizations about “emerging market debt” tend to be misleading, or even plain wrong. But with a total of 110 sovereign credits forming the investible EM universe, indexes represent less than half of all investible assets – which is why Eaton Vance, a…

8 Oct 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM got some traction last week as the dollar came under renewed pressure. However, the global backdrop remains negative for EM. US-China trade talks this week are unlikely to yield any progress, which means the next round of tariffs will go into effect mid-October. While odds of a Fed rate cut this month have risen, we do not think the positive liquidity story will outweigh the negative global…

7 Oct 2019

SWOT Analysis: GCC Credit Markets in 60 Seconds

Bonds & Loans examines the strengths, weaknesses, opportunities and threats across the GCC following a research trip to the region.

3 Oct 2019

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