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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.
The COVID-19 pandemic has convulsed the global economy, unevenly weighing on some of the world’s largest emerging markets – not the least of which countries with a heavy dependence on oil revenues. For CFOs and Treasurers based in the GCC region, the pandemic was a crude awakening which quickly led to a liquidity squeeze that is only just starting to ease as a ‘new normal’ begins to set in. Bonds…
Jul 3, 2020
South Africa’s emergency budget tabled by Minister of Finance Tito Mboweni this week spelled out a number of “difficult decisions” for the country but made few, raising yet more credibility concerns around one of the region’s largest economies.
Jun 25, 2020
In an important stress-test, the global capital markets have responded and adapted quickly to the unprecedented shock caused by the novel coronavirus pandemic, which has caused a dramatic shift in the way individuals and organisations in most nations live and work. These extreme conditions are only likely to accelerate the capital market ecosystem’s innovative efforts to streamline the securities…
Jun 18, 2020
Net fund flows into emerging market debt were flat for the week ending May 27, with investors continuing to favour hard currency debt over local assets.
Jun 2, 2020