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Sierra Leone Secures USD143mn from IMF to Support COVID-19 Response
The IMF has approved a USD143mn loan for Sierra Leone under its Rapid Credit Facility to help the West African nation finance a rapid rise in health spending.
4 Jun 2020
Social Risk Remains the Most Difficult Aspect of ESG to Price
Social risk is an understudied and underappreciated facet of the ESG umbrella. As an expansive concept, it can be pivotal in credit performance, particularly in emerging markets and especially during these challenging times. But why does pricing social risk remain so elusive?
4 Jun 2020
Slew of Downgrades in India May Clash with Efforts to Attract International Bond Investors
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.
3 Jun 2020
Mexico’s Cemex Readies USD1bn Bond Issuance as Construction Outlook Weakens
Mexico-based Cemex plans to sell USD1bn in senior secured notes to international investors this week, the company said.
3 Jun 2020
Retail, Institutional Investors Head in Opposite Directions on EM Debt
Net fund flows into emerging market debt were flat for the week ending May 27, with investors continuing to favour hard currency debt over local assets.
2 Jun 2020
Fall in SAMA’s Reserves Due to Asset Transfer to PIF – Goldman Sachs
April saw foreign exchange reserves at the Saudi Arabian Monetary Authority (SAMA) continue to fall by an additional USD24.7bn, with the total decline over March and April now totalling some USD48.7bn. This was largely due to a liquidity injection into the Public Investment Fund (PIF).
2 Jun 2020
Chile Follows Peru in Securing USD23.9bn Two-Year Credit Line from IMF
The IMF has approved a USD23.93bn two-year credit line for Chile, the latest Latin American country to turn to the multilateral agency for help bolstering fiscal buffers in a bid to mitigate the negative effects of the coronavirus pandemic.
1 Jun 2020
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM FX had a solid week, helped by overall weakness in the dollar. Trump’s threats against China turned out to be much ado about nothing and so risk assets ended the week on a strong note. This week, markets will be looking for some sort of response from China but quite honestly, Trump did so little that we may not see anything beyond some snarky Tweets from the Global Times. For now, the…
1 Jun 2020
Peru Secures USD11bn Two-Year Credit Line from IMF
The IMF has approved a USD11bn flexible credit line with the Peru to help the Latin American nation cushion the impact of the coronavirus pandemic on its economy.
29 May 2020
GCC Debt Sees Strong Demand in Q2 But Worsening Outlook Raises Alarms
GCC sovereign bond issuance surged to USD26bn and attracted more than USD140bn in demand through the second quarter of this year as the region’s governments flocked to international markets to cover deficits sent wider by lower oil prices and depressed economic activity. Some analysts say investors should not be so quick to shrug off some of the macroeconomic pressures weighing on the region.
29 May 2020