Emerging market sovereign spreads widened dramatically throughout the month of March as world governments struggled to contain the economic fallout from COVID-19, with Ecuador, Angola, and Argentina leading losses. Observers say that while debt restructurings are coming thick and fast, the spread of the virus may cause some to be delayed.
2 Apr 2020
The three highest-rated Nigerian banks – Zenith, Guaranty Trust Bank (GTB), and United Bank for Africa (UBA) have been downgraded by Fitch.
30 Mar 2020
The IMF has agreed to lend Somalia SDR292.4mn (approx. USD395.5mn) as part of a three-year Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) in a significant boost to the war-torn country’s reform efforts.
26 Mar 2020
UAE-based NMC Health’s investigation into substantial amounts of undisclosed debt is making investors wary of another Abraaj-style lapse in corporate governance.
12 Mar 2020
It came not with a bang, but a whimper. The Middle Eastern country’s failure to pay USD1.2bn on its March bond appears to put the ball in creditors’ court. But as coronavirus-linked turmoil and the collapse of oil prices dominates the headlines, Lebanon seems to be way down the pecking order on the elongating list of investors priorities.
11 Mar 2020
S&P this week cut the rating of India-based irrigation company Jain Irrigation Systems to ‘D’ after the company failed to make interest payments on a green bond, the first default on a green bond in emerging markets.
5 Mar 2020
An increase of 65% was recorded in January compared to the previous month, according to CNV.
24 Feb 2020
While João Lourenço’s government continues to dominate the headlines - for highly visible corruption indictments against his predecessor José Eduardo dos Santos, his family, and associates - Vera Daves de Sousa, Angola’s young and resolutely optimistic Minister of Finance, is working hard behind the scenes to chart a more financially sustainable path for the country following years of economic…
13 Feb 2020
Take a good look at Latin America’s 21 countries today, and one quickly concludes that this is not a region moving in unison but rather a patchwork of divergent political and economic motors firing at different speeds, taking each in different directions. Rarely has it been this challenging to analyze Latin America as a whole, so it seems appropriate to showcase Latin America’s differences…
11 Feb 2020
The Province of Buenos Aires said this week that it would make a payment on its January 2021 bonds after failing to reach an agreement with enough creditors on extending a delay, which came as a positive surprise to observers and creditors owed some USD3bn in payments due this year.
5 Feb 2020
While details of the government’s strategy to address the dire economic circumstances it faces are scant, analysts at Barclays believe Lebanon is likely to favour a bond swap with domestic banks over alternatives like issuing long-term FX certificates via the central bank, a move that could result in the sovereign entering Selective Default.
4 Feb 2020
Specialized Islamic real estate financier Amlak Finance PJSC has said it managed to agree credit restructuring terms with about 95% of its existing creditors, putting it within touching distance of finalising its second restructuring in five years.
9 Jan 2020