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As ETFs overtake traditional funds, distortions arise
Investors continued their hunt for yield this week as fund managers ploughed some US$13.2bn into emerging markets since late July, according to figures recently published by the IIF. However, investors are getting increasingly concerned about distortions caused by liquidity imbalances and the growing uptake of ETFs.
23 Aug 2016
Peru looking solid but susceptibility to external factors worrying
Peru has become one of the best investment destinations for foreign investors in Latin America. Although the outlook for the country’s economy is improving, Peru’s over-reliance on mining means the it is very susceptible to external factors such as a global economic slowdown or US rate hike.
22 Aug 2016
Middle East to see busy Q3 as credit pipeline swells
The recent increase in Middle Eastern debt issuances over the last month signals the opening of a new window for both borrowers and investors in the region. A strong pipeline is already in the making, which will attract a significant amount of demand from a wider investor base than before due to the quality and higher yield of Middle Eastern debt compared to other EMs.
22 Aug 2016
Will RQFII Reform Woo Investors?
China wants to lure more foreign investors to its markets, in part by easing access to its onshore interbank bond market (CIBM) – which was previously quite exclusive when it came to foreign participation. Will the reforms pay off?
19 Aug 2016
Optimism surrounds Brazilian reforms, but medium-term outlook questionable
The implementation of much-needed reforms in Brazil will begin to put the country on a positive economic footing, and there are already optimistic signs from the country’s economy and from both the local and foreign investment community. However, strong opposition to certain reforms, and the limited tenor of Temer’s term mean that full reforms are a long way off yet.
18 Aug 2016
Yen-denominated debt in LatAm: Will issuers think twice?
The Japanese yen dipped below 100 against US dollar for the first time since the Brexit referendum result shocked the markets on 24 June this year. With a few brief exceptions, the yen has been on the rise since mid-2015, which could give some Latin American issuers pause when considering the Samurai bond market, particularly given the increasingly prohibitive cost of swaps.
18 Aug 2016
Argentine local capital market reforms likely to boost investment
Further reforms designed to develop the Argentine local capital markets will likely increase both foreign and local investment in the country. Despite concerns about overpriced paper and ‘saturated’ international markets, high-quality paper from the sovereign and top tier corporates will keep investors interested.
17 Aug 2016
Nigeria’s planned sukuk will unlock new pockets of investors
Nigeria’s Securities and Exchange Commission has announced the date for the country’s debut sukuk. Although complications in establishing a supportive legal framework have delayed its issuance, other factors such as establishing the proposed sukuk’s client base have to be addressed.
16 Aug 2016
CASE STUDY: Pemex marks huge return to Euro market with dual-tranche bond
In March 2016 Petróleos Mexicanos (Pemex) marked its first euro-denominated note sale in more than 11 months with a €2.25bn dual-tranche offering, taking advantage of positive sentiment around oil and FX markets to hit the market at just the right time.
16 Aug 2016
Too soon to tell if Russo-Ukrainian tensions will affect Russian bonds
Tensions between Russia and Ukraine are on the rise again, with the markets reacting negatively to an escalation before the weekend, though tempers seem to be settling. This has again been reflected in the markets, with the Russian rouble outperforming other EM currencies early this week. At this stage tensions are also unlikely to impact the Russian bond market, and any effect would likely be in…
15 Aug 2016