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CEE & Turkey

After a Tough 2018, Turkey Sees a “Market of Windows” in 2019

It has been a patchy year for Turkey – and for EM fixed-income more broadly – with both macroeconomic and geopolitical factors weighing on growth and market sentiment in the first half last year. But the last few months of 2018 have seen a quiet recovery take place, and while no one is expecting an easy ride in 2019, conversations at an exclusive Breakfast Briefing hosted by HSBC and Bonds &…

22 Jan 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM FX ended the week on a soft note, as the dollar remains resilient. While a softer US interest rate outlook benefits EM, we think this is offset by the deteriorating global growth outlook. The IMF will release its updated World Economic Outlook Monday, which is likely to highlight the growing downside risks.

21 Jan 2019

GCC CFOs Look Towards ECA Market, Eastward, as Tenor Appetites Stretch Out

Borrowers based in GCC countries are increasingly looking to new pools of liquidity in a bid to satisfy growing demand for longer-term funding. But deepening concerns around the implementation of VAT, rising interest rates and softening demand for emerging market assets continues to weigh on credit markets, according to feedback from borrowers at an exclusive Breakfast Briefing hosted by HSBC and…

18 Jan 2019

Strong Tabreed Sukuk Debut Highlights Importance of Visibility Among EM Investors

Leading UAE-based regional district cooling firm National Central Cooling Company PJSC – better known as Tabreed – launched its debut benchmark 7-year sukuk against the backdrop of an active deal pipeline and adverse market conditions, securing competitive pricing and an oversubscription rate of 1.5X. The funding team’s decision to prioritise speed-to-market, flexibility, and investor visibility…

17 Jan 2019

Emphasis on ‘United’: The UAE Becomes Increasingly Federalised

At a recent meeting of the Federal Supreme Council in Abu Dhabi, UAE leaders discussed plans to strengthen Emirati unity, calling for greater integration and cooperation in pursuit of ‘national development’. This pronouncement is one of the first public indicators of a broader trend towards federalisation in the Gulf nation, where political convergence has been pushed on by growing domestic…

8 Jan 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM FX ended the week on a firm note as stronger than expected US jobs data fed into risk-on sentiment. Fed Chair Powell also added to the positive sentiment Friday as he addressed basically every area of concern that the markets have had with the Fed. US rates backed up but not by enough to lend the dollar much support. In this current “wait and see” period regarding the US economy and the Fed,…

7 Jan 2019

The Favourite: Why Do Market-Friendly Politicians Fall from Grace?

The emergence of a ‘market-friendly’ candidate has become a regular feature in modern election campaigns. But often such candidates fail to deliver on their economic promises, either because of domestic political constraints, tough external conditions, or misplaced belief in their pro-market sentiment.

3 Jan 2019

Emerging Markets in 2019: What’s in Store for The Asset Class?

This year was not particularly forgiving for emerging market assets. Rising US interest rates and a strengthening US dollar coupled with a wider shift from quantitative easing to tightening led to broad-based repricing across the investment landscape. It was also a year that saw political and policy uncertainty, trade wars, and commodity and asset price volatility weigh heavily on market…

28 Dec 2018

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

Global growth concerns are likely to keep EM on its back foot. China and the eurozone reported weak economic data Friday, and even a much stronger than expected US retail sales report was not enough to turn market sentiment.

17 Dec 2018

Omantel Treasurer: Increased Funding Costs, IFRS9 to Weigh on Capex-Heavy Sectors in GCC

Omantel, Oman’s majority state-owned telecommunications company, last year completed a USD2.25bn acquisition of shares in Zain Group, a regional competitor. The deal was funded with a bridge loan that was later refinanced with a term loan and the largest corporate bond issued out of the country – a dual-tranche senior secured offering which attracted a wide group of investors from around the…

7 Dec 2018

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