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With BNDES reigned in, questions over infrastructure investment in Brazil remain
With reform on the horizon for BNDES, investment opportunities are likely to open up for private banks. Infrastructure projects will still receive assistance from the country’s state development bank, but in a less direct manner, experts suggest.
14 Jun 2016
Will China's inclusion with MSCI ease volatility?
China’s potential inclusion in the MSCI Emerging Market Index will likely be welcomed by investors, providing further investment opportunities and reducing the overall risk for them, while the volatility seen over the past few months will likely subside upon full inclusion.
13 Jun 2016
Only Brexit clouds EM outlook
While emerging markets have benefitted from a dovish stance from the US Federal Reserve and low yielding developed market bonds, the threat of Brexit could cast a shadow over their performance.
13 Jun 2016
LatAm sees back-to-back annual recession for first time in 30 years
The World Bank has slashed growth forecasts across the globe, revising down its previous figure of 2.9% to 2.4%, and has warned against a further slowdown in the world’s major emerging markets. Whilst sluggish growth persists across most EMs, the World Bank predicts Latin America’s economy will experience the first back-to-back years of recession in more than 30 years.
10 Jun 2016
Mozambique keeping its head above water… just
Mozambique’s ability to prevent a default is looking increasingly tenuous as the government struggles to cover its quasi-sovereign loan repayments. Investor confidence in the country has been significantly dented, and despite remaining surprisingly resilient, government bonds are likely to be hit hard by headline news risk, especially from the IMF.
10 Jun 2016
Nigeria’s FX policy won’t harm foreign bonds
Nigeria’s Eurobond roadshow in London has demonstrated that there would be appetite for a sovereign bond, despite lingering concerns over the country’s FX policy among investor and unwillingness on the Nigerian side to fully devalue the naira. Although local debt may fluctuate, there is unlikely to be any significant effect on the country’s foreign bonds.
10 Jun 2016
The best performing EMs may surprise you
Whilst the economies of Mexico and India, two markets typically favoured by investors for their embrace of reforms, are performing relatively well in comparison to those such as Brazil’s, other emerging markets such as Peru and Russia are providing better investment opportunities for investors.
10 Jun 2016
Oman adds to the ME sovereign debt frenzy with US$2.5bn bond
While smaller than recent deals seen from its Middle Eastern peers, Oman added its name to a growing list of sovereigns to issue new debt in the region with a US$2.5bn dual-tranche bond. The deal could entice quasi-sovereigns and large corporates to tap the markets.
9 Jun 2016
As EM corporates boost refinancing activity, will increased risk follow?
Refinancing activity across emerging markets has increased, especially amongst the non-financial corporate sector outside of Europe and Russia, with many of these entities staring down the barrel of upcoming maturities in 2017.
9 Jun 2016
Daily Roundup
Brazil, Venezuela drag on World Bank outlook – Vale tightens pricing on US$1.25bn Eurobond – Ghana to sell US$1bn Eurobond between June and September – Argentina tables PPP reforms
8 Jun 2016