Moving forward with plans to swap its debt from local currency into dollars, Nigeria’s Federal Government successfully placed close to USD3bn in international bond markets through a widely subscribed issuance in November that saw roughly three times that amount in demand from investors. But analysts are concerned that a confluence of factors – declining oil prices, persistently poor revenue generation, slowness to reform and an increasingly volatile political environment – could arrest the optimism and capital markets momentum generated by the sale.
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India entered the COVID-19 crisis with a slew of pre-existing vulnerabilities. Now, with the country wracked by the impact of the virus, Moody’s has downgraded a number of notable Indian institutions, joining other rating agencies in placing the sovereign within touching distance junk status.
Jun 3, 2020
As Turkey braces for the economic impact of the COVID-19 crisis, the banking sector looks likely to be called to play a larger role in facilitating the government’s stimulus plans. But despite a recent spike in NPLs and foreign exchange pressures, the risks to the country’s banks appear manageable, according to a recent report by Oleksiy Soroka, Senior High Yield Credit Strategist at ING.
May 22, 2020
International investors have fled Brazil’s capital markets to the tune of USD22.2bn in March, according to data from Itau, the largest monthly outflow on record.
Apr 28, 2020