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Off the Record: Banks in Russia – Shaken, not Stirred

The recent perturbations across EM assets, the looming shadow of current and potential new sanctions and subdued growth at home have taken a toll on the Russian financial sector. But prudent fiscal and monetary policies and timely actions to minimize sanctions impact have helped shelter banks operating in Russia and the CIS from serious damage, DCM bankers and corporate chiefs have told Bonds &…

27 Sep 2018

How Serbia Improved its Fiscal Position and Catalysed the Local Capital Markets

Branko Drcelic, Director of the Public Debt Administration at the Ministry of Finance, Serbia sat down with Bonds & Loans to discuss how the country moved from chronic deficits to a healthy surplus, catalysing a local currency debt capital market in the process.

28 Aug 2018

Will ESG Standards and Ratings Heterogeneity Kill the Sustainable Finance Market?

As the world continues to embrace ESG-led investing, a dizzying array of standards and ratings tools has emerged to help clarify the underlying non-economic impact of an investment and help investors make sense of ESG-linked assets. This explosion in ratings, criteria and standards, however, could sow more confusion than they aim to resolve.

24 Aug 2018

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM FX has started the week mixed. Some relief was seen as US rates stalled out last week, but this Friday’s jobs number could be key for the next leg of this dollar rally. On Wednesday, the Fed releases its Beige book for the upcoming June 13 FOMC meeting, where a 25 bp hike is widely expected. We believe EM FX remains vulnerable to further losses.

28 May 2018

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM FX ended Friday on a weak note, and extended the slide. For the week as a whole, the best EM performers were PHP, TWD, and SGD while the worst were ARS, ZAR, and TRY. With US rates continuing to move higher, we believe selling pressures on EM FX will remain in play this week. Our recently updated EM Vulnerability Table supports our view that divergences within EM will remain.

21 May 2018

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM FX ended Friday on a week note and capped of another generally negative week. Worst performers last week were ARS, BRL, and TRY while the best were ZAR, RUB, and KRW. We remain negative on EM FX and look for losses to continue. US retail sales data Tuesday pose further downside risks to EM FX.

14 May 2018

SWOT Analysis: Nigeria, West Africa’s Largest Market

In advance of our Bonds, Loans & Sukuk Nigeria 2018 conference and forthcoming special report on the region, Bonds & Loans met with a broad range of local finance leaders in order to get a sense of the risks and opportunities on the horizon.

19 Apr 2018

Pro-Western Stans: Central Asian Republics Mulling Capital Markets Push

Just a few years ago, barely any debt capital markets investors would have paid much attention to regions like Central Asia and the CIS. Yet with overwhelming demand for sovereign notes issued by the likes of Belarus and Tajikistan, regular issues from Kazakhstan and a highly anticipated debut Eurobond from Uzbekistan, the region is putting itself on the EM fixed income map.

4 Apr 2018

MTN Group Treasurer: ‘Diversification High on Agenda, but Nigeria, SA Ratings a Key Risk’

Africa has a thriving telecoms sector with huge growth potential, but economic and political risks appear elevated – particularly in the continent’s largest economies. Thuto Shomang, Group Executive – Treasury at MTN Group, Africa’s largest mobile telecoms operator, talks to Bonds & Loans about the company’s funding objectives in 2018, and shares his views on how US monetary policy and credit…

20 Mar 2018

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM ended Friday under renewed selling pressures, and capped off a mostly softer week. COP, THB, and TWD were the best performers last week, while TRY, RUB, and ZAR were the worst. Despite a widely expected 25 bp hike, this week’s FOMC meeting still has potential to weigh on EM.

19 Mar 2018

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