A much-oversubscribed sovereign bond issued by the Republic of Egypt earlier this year reinforced a sense of optimism among emerging market investors about one of the region’s most promising economies, but analysts caution that the sustainability of the country’s improving macro, growth and investment outlook fundamentally hinges on deeper empowerment of the private sector and removal of the…
19 Apr 2019
It seems that, on March 31, Ukraine once again received a chance to accelerate its transformation, argues Sergey Aleksashenko, a nonresident senior fellow at Brookings Institute and Russia's ex-deputy finance minister.
5 Apr 2019
The Russian government is developing a USD400bn roadmap for a massive economic overhaul in a bid to boost living standards and spur activity in key segments of the economy. Attracting that kind of investment is already looking like a mammoth task, particularly given some of the recent political moves clouding the country’s business climate.
12 Mar 2019
As Russia enters its fifth year under sanctions and the deal pipeline in the region continues to be squeezed, south of the border some CIS and Central Asian states are undergoing remarkable transformation. But sanctions against Russia will not necessarily free up credit for potential issuers in the former Soviet states, all of which makes for an increasingly uncertain debt capital market for the…
5 Mar 2019
Abid Mamedov, CEO of AzFinance Investment Company CJSC, talks about the rising appetite for Azerbaijani paper, exposure to Russian risk, and expectations for the local currency bond market in 2019.
28 Feb 2019
EM ended the week firm on rising optimism regarding US-China trade. Talks will continue this week ahead of Friday’s deadline. It may be too soon to strike a deal, however, and so we expect a 60-day extension. China provides the first snapshot of February activity with its PMI readings this week, where some stability is seen after recent stimulus measures. Downside risks remain in place, however.
25 Feb 2019
EM FX ended the week mixed but gave up much of their post-FOMC gains as the week progressed. MYR, PHP, and MXN were the best EM performers for the week and posted small gains. ZAR, BRL, and ARS were the worst in EM, dropping nearly 2% against USD. US-China trade talks and Chinese data are likely to set the tone for EM this week. Reports that the US government may shut down again should weigh on…
11 Feb 2019
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
In an exclusive interview with Bonds & Loans, Joe Delvaux, Senior Fund Manager at Duet Asset Management, delves into frontier markets, assessing their performance in 2018, providing insight into investor sentiment on broader EM assets, and takes a glimpse into what 2019 might bring.
14 Jan 2019
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