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The US Fed’s recent decision to cut interest rates by a further 50bp is placing additional pressure on the margins of Saudi Arabia’s banks, according to a recent report from Fitch Ratings. Following the lead of the Fed, the Saudi Arabian Monetary Authority (SAMA) cut its repo rate on Monday by 50bp, bringing rates in the Kingdom to an all time low of 1%. But the Kingdom’s banks will feel the pinch as their net interest margins (NIM) looks set to be squeezed.
Vale Overseas, a special purpose vehicle set up and owned by Brazilian mining giant Vale, raised USD1.5bn in the international capital markets this week.
Jul 8, 2020
The Republic of Ecuador has reached a preliminary deal with the its largest creditors, paving the way for the country to restructure nearly USD17.4bn in sovereign bonds.
Jul 7, 2020
The coronavirus pandemic has weighed heavily on the fiscal performance and debt levels globally, with many emerging and frontier markets unlikely to recover until 2022 at the earliest according to Moody’s.
Jul 7, 2020
Growth in Sub-Saharan Africa (SSA) is set to contract by twice the amount previous forecast in April, according to the latest IMF estimates, with per-capita income across the continent falling to levels not seen in nearly a decade.
Jul 2, 2020