Ratings
EM flows surge but downgrade risk persists
The week ending July 15 was the strongest week for portfolio inflows to emerging markets since the US Federal Reserve delayed quantitative easing tapering in September 2013, according to the IIF. EM investors believe we may yet continue to see strong flows as US growth continues trending higher, but EM downgrades could still throw a spanner in the works.
20 Jul 2016
Does Poland’s Economy Face Insider Threats From Its New Government?
Law & Justice (PiS), the Polish populist party that won last year’s November election, has caused concern over its economic policies for those with financial interests in the country. Plans for a forced re-denomination of Swiss franc mortgages alongside a recently introduced asset tax have fuelled fears over the health of its banking sector. Institutional independence is another worry, especially…
15 Jul 2016
As Argentine pipeline swells to nearly US$4bn, investors question value
Following a spate of sovereign, quasi-sovereign and corporate issuances, Argentine entities continue queuing up to tap the market, with the pipeline now swelling to nearly US$4bn. Though there are few signs asset managers are getting “full” on the country’s debt, some are beginning to question whether the sovereign’s credit rating is holding many of its corporates back.
1 Jul 2016
In The Know: A View From The MENA Fixed Income Markets
Anita Yadav is Head of Fixed Income Research at Emirates NBD. She has over 14 years of experience in fixed income research and sales, spread across Australia, India, Asia and Middle East. In her current role, she focusses on global fixed income markets with a particular emphasis on the GCC region, covering conventional bonds as well as sukuk products.
1 Jul 2016
Middle East credit sturdy in Brexit’s wake
The GCC has managed to escape the fallout from Brexit, compared to other emerging markets. Steady oil prices and high levels of demand for the region’s debt means its fixed income assets have remained resilient.
27 Jun 2016
Mozambique keeping its head above water… just
Mozambique’s ability to prevent a default is looking increasingly tenuous as the government struggles to cover its quasi-sovereign loan repayments. Investor confidence in the country has been significantly dented, and despite remaining surprisingly resilient, government bonds are likely to be hit hard by headline news risk, especially from the IMF.
10 Jun 2016
On The Horizon in EMs
Deals, rating actions, currency movements, policy changes, and the occasional bit of hearsay. Here is your daily snapshot of what’s happening, and what’s on the horizon, in emerging markets.
25 May 2016
VIDEO: Mohieddine Kronfol, CIO, MENA Fixed Income and Global Sukuk, Franklin Templeton Investments
Mohieddine Kronfol, Chief Investment Officer, MENA Fixed Income and Global Sukuk, Franklin Templeton Investments talks about the dynamics of the GCC fixed income region, as well as Real estate becoming a potential hot spot in the market.
19 May 2016
South African market volatility to intensify in coming weeks
The rand opened weaker on Monday and stayed relatively depressed Tuesday as market uncertainty increased following reports over the weekend that South Africa’s Finance Minister would be arrested. Analysts say the volatility is likely to intensify in the weeks to come.
17 May 2016
The floodgates open on Argentine debt
A number of Argentine sub-sovereigns have lined up bond issuances in the wake of the country’s debut debt issuance. Corporates look set to follow suit, and with many having strong credit fundamentals, demand for their debt issuances could also be disproportionally high.
11 May 2016