The Turkish lira continues to tumble. This feels like a rerun of the last lira crisis back in August 2018. Surprisingly little has changed fundamentally in the nearly two years that have passed, as officials have largely refrained from taking any significant actions except those that make it even harder to invest in Turkey. Turkey used to be the darlings of EM. Now, we fear it will end up being…
11 May 2020
The International Monetary Fund (IMF) approved rapid disbursements of emergency funding for Kenya and Uganda this week to help the East African nations finance measures to address the COVID-19 pandemic.
7 May 2020
As countries worldwide are forced to spend unprecedented amounts to counter the economic and health effects of COVID-19, fiscal and current account deficits are set to rise globally. Rocky market conditions mean most EM sovereigns will struggle to access external funding, however, leaving the local private sector to pick up the slack, according to a recent report from the Institute of…
7 May 2020
Bogata’s District Ministry of Finance yesterday announced plans to issue COP600bn (approx. USD152mn) pesos in local bonds to counter the effects of the COVID-19 pandemic. The bonds are AAA rated and the transaction is being arranged by Itau.
7 May 2020
Kenya’s central bank said it plans to raise KES50bn (approx. USD471mn) in five-year paper in May this year.
6 May 2020
The International Monetary Fund (IMF) has approved a new USD10.8bn flexible two-year credit line with Colombia, which the country can tap into in order to address downside risks presented by the coronavirus pandemic.
4 May 2020
Peru is in the process of planning at least one more outing in the debt capital markets to raise fresh funding in order to finance measures aimed at containing the economic fallout from the coronavirus pandemic.
4 May 2020
Saudi central bank reserve assets fell by around USD24bn in March, according official data. Accounting for non-reserve holdings, net foreign assets fell by just under USD27bn throughout the month.
4 May 2020
While crises tend to create new opportunities for the legal community, the current pandemic-induced downturn is creating unique challenges – economic, professional and logistical – for companies and law firms alike. But when the dust settles, some restructurings and M&A deals are likely to come through, and law firms will need to stay alert to their clients' needs to make the most of it, says…
1 May 2020
As budget gaps widen to historical highs, Romania, one of Eastern Europe’s most frequent bond issuers, is at risk of losing its coveted investment-grade status, potentially hampering the country’s ability to satiate its growing need for funding.
1 May 2020