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Fibria’s CRAs popular with hungry investors
Fibria has issued CRAs in the Brazilian local markets which were well received by investors. The significant demand stems from the fact that CRAs are rarer than other issuances due to their complex structures, alongside the company’s strong credit rating.
30 Jun 2016
CFO View: Claudio Chamorro, Parque Arauco
Claudio Chamorro currently serves as Chief Financial Officer at Parque Arauco. He previously served as Director of Studies and Financial Analysis of the Superintendency of Banks and Financial Institutions, Chile. He has served as both Market Risk Manager, and later CFO, of Banco CorpBanca, Chile’s third largest bank, and served as Corporate Development Manager at Corpgroup, leading M&A, bond and…
30 Jun 2016
Emerging Europe emerges from Brexit’s wake
Although Emerging Europe was undoubtedly the most significantly affected region after the Brexit vote result sent out shockwaves globally, the region’s bond and currency markets recovered quickly.
29 Jun 2016
LatAm high-yield burdened by upcoming maturities
Latin American high yield corporates from a number of sectors and countries face a high volume of maturing debt over the next two years. Brazilian entities are likely to suffer worse than others due to the economic climate in the country.
29 Jun 2016
Commodities a top influencer on EM performance
Emerging markets are clearly susceptible to factors like a US Federal Reserve interest rate hike and Brexit, but they are most vulnerable to fluctuating commodity prices. Although exports have seen their currencies strengthen and bond yields fall on rising commodity prices, interestingly, EM commodity importers have not yet felt the negative effects of higher prices.
28 Jun 2016
Ashmore: Brexit shows markets totally underestimate DM risks
The spill-over of post-Brexit market pandemonium was fairly minimal in EMs with the exception of some Eastern European countries like Poland and Hungary. But above all, recent market activity shows investors generally underestimate – and thus aren’t compensated for taking – risks in developed markets, according to a recent note from Ashmore Investment Management.
28 Jun 2016
Middle East credit sturdy in Brexit’s wake
The GCC has managed to escape the fallout from Brexit, compared to other emerging markets. Steady oil prices and high levels of demand for the region’s debt means its fixed income assets have remained resilient.
27 Jun 2016
CASE STUDY: First International Residential Mortgage Backed Covered Bond in Turkey
As the first ever international residential mortgage covered bond in Turkey, Vakifbank’s €500mn issuance led the way for other Turkish banks to capitalise on this growing market and opened up new pools of liquidity for the institution.
27 Jun 2016
Brexit: Time To Be Rational Not Sentimental
With markets increasingly pricing Remain in the days prior to the referendum, global equities are down sharply, matching or in some cases exceeding the dark days of 2008. Sterling is at the centre of the storm, with a nearly 10% hit against the US dollar since Thursday’s close. Not surprisingly, traditional safe havens such as government bonds in advanced economies, the Japanese yen and gold are…
24 Jun 2016
Brexit rocks the EM boat
Brexit has sent shock waves across international markets. Although emerging markets across the globe and investor sentiment are suffering in the wake of the vote, some economies coping better than others, and overall the implications of the UK’s vote to leave could soon subside. However, future referendums across other EU member states could have serious implications for Eastern European EMs in…
24 Jun 2016