Policy & Government
Corruption Woes Still Weigh Heavily on South Africa’s Business Climate
As the latest corruption scandal hits the already controversial administration of Jacob Zuma, investors are left wondering about the stability of Africa’s most industrialized economy.
31 Jul 2017
Russia, CIS, Europe & Turkey Credit Markets Brief: 13 July – 28 July
Gazprom tapped the international markets – Alfa Bank issued a RUB10bn Eurobond – AFK Sistema declared technical default on bonds –– Halyk Bank acquires Kazkommertsbank – IBA plans to restructured approved by shareholders – Greece returned to the capital markets – Halbank to issue a US$2bn bond in the international markets
28 Jul 2017
Brazil: Touching the Wound
In the midst of the greatest fiscal and unemployment crises in the country’s history, Brazil’s federal government, apprehensive about pressure from special interest groups, promised salary increases to civil servants, mainly those at the top echelons. This is perhaps the principal error of Temer’s economic policy.
28 Jul 2017
Africa Credit Markets Brief: 13 July – 27 July
Sub-Saharan African investment banking fees reached US$244.7mn during the half of 2017 – South Africa to issue a US$2bn Eurobond – South Africa’s central bank cuts rates – Nigeria’s inflation fell to a 13- month low – Kenya’s National Treasury extended the sale of securities through M-Akiba platform – Mozambique defaulted on Eurobond payment – Ghana will not extend IMF programme –Republic of…
27 Jul 2017
Fear and Loathing in Emerging Markets: EM Investing After the Crisis
When it became apparent, after the collapse of Lehman Brothers, that the global economy was encountering something more than just an ordinary downturn, most market observers were certain they knew what was in store for emerging markets. After all, the three decades prior to 2008 were littered with crises in developing economies from Mexico to Malaysia. Still, while the worst never came to pass…
26 Jul 2017
Will Argentina’s Unions Stand in the Way of Macri’s Reforms?
The Argentinian labour unions are among the most powerful in the region; old allies of the Peronist Party, they are well known for the ability to take out presidents. So as conservative president Mauricio Macri tries to implement “market friendly” policies, will the unions stand in his way?
21 Jul 2017
Can “Bond Connect” Hong Kong and Mainland China Markets?
The long awaited “Bond Connect” program linking the Hong Kong and mainland Chinese markets has finally launched. Even though it was initially received with warm welcome by investors, some experts believe that on its own it won’t be enough to make global players give the local Chinese markets the desired recognition.
20 Jul 2017
Latin America Credit Markets Brief: July 5 - July 19
CAF approves US$592mn credit facility to Latam nations - Grupo México to get US$1.55bn loan from BBVA and Credit Suisse - A major new oil field discovered in Mexico – Ex-Brazil leader Lula convicted - Brazil's Senate approves labour reform bill - The province of Buenos Aires taps European markets with EUR500mn bond – PDVSA seeks to renegotiate debt
19 Jul 2017
Yields Could Tempt EM Investors as Greece Plots a Bond Market Return
A US$3bn issuance could offer the world’s oldest democracy an escape route from the vicious debt cycle it has found itself in, but expectations will need to be managed and a continued push for reforms is integral to this mission.
18 Jul 2017
Carlos Martabit, CFO of Banco Estado: Chile’s Economy is on the Rise
2017 has certainly been the year for EM securities, as investors are driven out of the developed world by low rates. Bonds and Loans talks with Carlos Martabit, CFO of state-run Banco Estado, about the outlook for the Chilean economy, the Bank's funding strategy and the importance of reforming South America’s richest nation capital markets in its path to economic recovery.
17 Jul 2017