A number of large Russian banks were briefly teetering on the edge three years ago, as the industry was hit by a wave of bankruptcies and bad headlines. What followed was a five-year cleanse of the sector by the Central Bank and affiliated government agencies, and those lenders that came out unscathed at the end of it are now reaping the benefits of a less crowded and more stable industry. One of those, Sovcombank, has been on the forefront of innovation and modernization among the country’s top independent FIs. Bonds & Loans spoke to the bank’s Deputy Chairman and Head of CIB Sovcombank Mikhail Avtukhov about its involvement in the National Projects, outlook for next year, and the growing importance of ESG.
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.
Jun 2, 2020
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).
Jun 2, 2020
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.
Jun 1, 2020
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.
May 29, 2020