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Fitch Downgrades Three Nigerian Banks Due to Pressure from COVID-19, Oil Price

The three highest-rated Nigerian banks – Zenith, Guaranty Trust Bank (GTB), and United Bank for Africa (UBA) have been downgraded by Fitch.

30 Mar 2020

China Unlikely to See Swift Recovery Despite Industrial Activity Resuming

Tentative signs of an impending recovery as factories reopen should not overshadow the reality that COVID-19’s impact on the Chinese economy will far exceed that of SARS or the global financial crisis, IIF warns.

27 Mar 2020

EM Telecoms During the Crisis: A Different Kind of Going Viral

When most other sectors face an unprecedented crisis, the telecoms industry could stand to benefit as demand for digital communciations soars on the back of requirements for self-isolation and quarantines across most of the world's nations, argues Manulife's Richard Segal, but the ability of telecoms to prosper in challenging times varies significantly from market to market.

27 Mar 2020

RBI Swings into Action with Slew of New Measures to Ease Pressure on India’s Credit Market

The Reserve Bank of India (RBI) on Friday unveiled a series of new measures aimed at relieving some of the pressure on India’s credit markets – which have been rattled by a series of defaults and near-misses in recent weeks.

27 Mar 2020

COVID-19 Could Restart US-China Trade Tensions – Control Risks

With the US likely to fall into a recession combined with widespread social disruption caused by the lockdown, Trump’s re-election this November appears uncertain. Far from soothing tensions between the US and China, the pandemic has heightened them.

27 Mar 2020

Russian Banks Come Under Pressure as Kremlin Tweaks Taxes to Support Pandemic-Hit Economy

The Russian government introduced sweeping changes to the tax regime in order to support businesses and SMEs, while seeking to secure additional revenue streams elsewhere. But while the country’s ample FX reserves should see it fare better than many EM peers, its banking sector – subject to a massive and prolonged consolidation over the past five years – is also feeling the squeeze.

27 Mar 2020

Somalia Lands IMF Funding Deal in Huge Boost to Reform Effort

The IMF has agreed to lend Somalia SDR292.4mn (approx. USD395.5mn) as part of a three-year Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) in a significant boost to the war-torn country’s reform efforts.

26 Mar 2020

World Bank Approves USD500mn Loan to Ethiopia

The World Bank has approved a USD500mn loan to Ethiopia, in order to support the government’s ‘Homegrown Reform Agenda’, underpinned by the Second Ethiopia Growth and Competitiveness Development Policy Operation (DPO).

26 Mar 2020

US Fed and Senate Double Whammy Response Lifts markets, EMs to Follow Suit

Promise of unlimited monetary stimulus and signs of a tentative USD2tn stimulus package in the US Senate offered some much-needed comfort to global markets, with EMs receiving an additional boost from their governments through promises of additional fiscal stimulus and quantitative easing.

26 Mar 2020

Kenyan Bond Yields Spike Due to Pandemic, Locust Disruption – Cytonn Investments

As the COVID-19 pandemic wracks emerging and developed economies alike, market have gone into overdrive with shares and bonds both suffering heavy sell-offs as investors flee to the safety of US dollars. Kenya’s local currency treasury bonds (TBs) and outstanding Eurobonds have been no exception to this trend.

26 Mar 2020