Policy & Government
Ecuador: Choosing Between the New Way or the Populist Way
As Ecuadorians prepare to vote on Sunday, international capital markets are watching closely to see if the country becomes the next Latam “miracle” or decides to stick to its populist ways.
31 Mar 2017
VIDEO: Interview with Oleg Dzhus, Member of the Board and Head of Treasury at Banca Intesa, Russia
Bonds & Loans interviewed Oleg Dzhus, Member of the Board and Head of Treasury at Banca Intesa, Russia, to discuss the current outlook for Central Bank rates and what the expectations on the Central Bank’s monetary policy are for the coming year.
29 Mar 2017
Top Dealmaker: Kobby Bentsi-Enchill, Stanbic IBTC Capital
Kobby Bentsi-Enchill, Executive Director and Head of Debt Capital Markets at Stanbic IBTC Capital speaks with Bonds & Loans about how his clients are managing in a challenging market environment, and what needs to happen in order for the 2017 outlook to improve.
24 Mar 2017
Gabon: A Step in the Right Direction
Analysing and investing in Frontier Emerging Markets usually comes with its fair share of challenges; often, these are centred on availability or quality of data, news, language barriers, and finally, accessibility. Gabon is a great example of how these challenges can distort the real opportunities before us, and progress made on key initiatives.
22 Mar 2017
Interest Rates in Brazil: If Only It Were That Easy
The concern over high interest rates in Brazil is understandable. It impacts the public coffers in favour of the richest and discourages productive investment. Many analysts argue that the interest rate is too high, and that the main reason for its inaction is pressure from special interest groups, notably the financial market. Although this argument is seductive for its simplicity, it does not…
21 Mar 2017
On the Debt Markets, Good Things Come to Those Kuwait
The success of Kuwait’s debut US$8bn Eurobond proves that even in the credit markets, playing hard to get is a tactic that nets results, especially when surrounded by bigger and wealthier competitors vying for investors’ attention.
20 Mar 2017
With Russia’s CB Moving to China, Sovereign Yuan Eurobond Moves One Leap Closer
Russia spent much of last year bolstering its ties to the Chinese economy in the hopes of tapping into Asian liquidity through the capital markets, most recently revealing plans to set up a Russian Central Bank outpost in Beijing. The move is a fairly sizable leap towards Russia’s first sovereign yuan-denominated issuance, and a signal that it is still keen to hedge against bets that its…
17 Mar 2017
China’s Onshore Bond Market Takes Two Steps Forward, One Step Back
China is making good on its promise of opening up its onshore markets to foreign investors, which only own about 2% of the country’s domestic bonds. With broad index inclusion on the horizon and the introduction of new rules aimed at easing investor access to the market paying off, analysts are turning their attention to concerns over monetary tightening and slower than anticipated growth for…
16 Mar 2017
Time for Caution on Inflation in Brazil
Inflation targets are widely used by Central Banks throughout the world. In countries with moderate inflation, this regime helps keep inflation well behaved, with less cost to economic activity. In countries with low inflation, the risk of deflation can be mitigated by setting a suitable target. This targeting also makes monetary policy more predictable, contributing to a stable economic…
16 Mar 2017
CBK Governor on the Trump Effect, Banking Sector Risks, and the Promise of Green Finance
Having weathered most of 2016 quite well, Kenya faces a number of domestic and external headwinds including a prolonged drought and increasing uncertainty around the future policy direction in the US, UK and Europe. But Patrick Njoroge, Governor of the Central Bank of Kenya believes some of these challenges also present opportunities – to explore further East African policy integration, double…
13 Mar 2017