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As COVID-19 and the ongoing oil price spat between Riyadh and Moscow continues to wreak havoc on markets across the world, the spreads on high yield assets in both EM and DM have widened significantly. With many companies seeing their revenues take a beating at countries go into lockdown, and with many sovereigns juggling their need for fiscal stimulus with already lopsided public finances, Iain Stealey, International head of Global Fixed income at JP Morgan Asset Management explores whether valuations fairly reflect higher default risk.
Vale Overseas, a special purpose vehicle set up and owned by Brazilian mining giant Vale, raised USD1.5bn in the international capital markets this week.
Jul 8, 2020
The Republic of Ecuador has reached a preliminary deal with the its largest creditors, paving the way for the country to restructure nearly USD17.4bn in sovereign bonds.
Jul 7, 2020
The coronavirus pandemic has weighed heavily on the fiscal performance and debt levels globally, with many emerging and frontier markets unlikely to recover until 2022 at the earliest according to Moody’s.
Jul 7, 2020
Growth in Sub-Saharan Africa (SSA) is set to contract by twice the amount previous forecast in April, according to the latest IMF estimates, with per-capita income across the continent falling to levels not seen in nearly a decade.
Jul 2, 2020