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Policy & Government

SWOT Analysis: Privatisation and Domestic Issuances Driving Markets in Brazil

Bonds & Loans examines the strengths, weaknesses, opportunities and threats facing the Brazilian market following a research trip to the region.

22 Nov 2019

Nigeria: Rising Policy Risk, Institutional Weakness Weighs on Economy

Nigeria’s recent attempt to retrospectively tax international oil companies was seen by many as an attempt to desperately plug gaps in the country’s budget. But the government’s strained relationship with the country’s largest revenue generating sector is merely a symptom of much deeper issues: patchy revenue generation, ineffective institutions, and rising policy risk.

20 Nov 2019

What to Expect from Argentina in 2020?

Argentina celebrated the first round of Presidential elections in late October. Investors largely characterized the vote as a kind of referendum between a continuation of market friendly economic reforms by incumbent Mauricio Macri or a comeback to a more interventionist approach by challenging Alberto Fernández, who was leading a Peronist coalition – but there is good reason to believe things…

19 Nov 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM FX was mostly weaker last week due to doubts about a Phase One trade deal between the US and China. Those talks continue this week and while we expect a deal to be struck, there is likely to be a lot of last minute posturing that will likely keep markets volatile over the short-run. In the meantime, investors need to beware of idiosyncratic country risk within EM.

18 Nov 2019

ASEAN: The Long Road Towards A Cross-Border Funding Market

Since its formation in 1967, ASEAN has followed a path of gentle integration. But despite the bloc’s avowed intention to pursue financial integration, outlined in the ASEAN Banking Integration Framework (ABIF), the industry remains fragmented across the region and riddled with regulatory obstacles.

14 Nov 2019

Off the Record: Low Rates Supporting Issuance Volumes in Latin America as Libor Transition Looms

In 2020, Latin America’s largest markets are largely going be to characterised by picky investors, persistently low yields, infrastructure development, LIBOR-related woes, and socio-political upheaval, according to dozens of bankers, investors, lawyers and credit ratings agencies who spoke with Bonds & Loans on a recent trip to the region. We’ve summarised the top five themes likely to drive the…

12 Nov 2019

As Contempt for Experts and Data Rises with Populism, US Economic Data Gains Focus

The rise of populism has engulfed countries across both developed and emerging markets, placing renewed pressure on state institutions to stay independent – often in the face of overt harassment from strongmen leaders. In the US, whose economic data informs the decisions and forecasts of finance professionals worldwide, the President’s cavalier attitude to facts raises questions regarding the…

8 Nov 2019

Latin American Democratic Institutions Are Under Attack – Should Investors Worry?

October 2019 was a shockingly turbulent month for South America, but what does it mean for international investor sentiment about the region, asks John Price, Managing Director at Americas Market Intelligence.

5 Nov 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM should continue to benefit from the generalized improvement in the global backdrop. Trade tensions have eased whilst the risks of a hard Brexit have fallen, at least for now. Yet recent developments in some major EM countries underscores how important it is for investors to differentiate between the strong credits and the weak ones. For instance, South Africa, Hong Kong, Argentina, and Chile…

4 Nov 2019

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

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