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CASE STUDY: Senegal Hits Tightest Yields for SSA Sovereigns with Dual-Currency Bond

Senegal shook up the Sub Saharan African issuance pipeline with its largest ever international bond at its longest tenor to date, setting a new benchmark for Sub Saharan Africa sovereign borrowers with its widely welcomed 30-year addition to the curve.

29 Mar 2018

SWOT Analysis: Projects, ECA and Structured Finance in MENA

In advance of our Project, ECA and Structured Finance Middle East & Africa 2018 conference and forthcoming special report on the subject, Bonds & Loans visited the region to meet with a broad range of finance leaders in order to gain a sense of the risks and opportunities on the horizon.

22 Mar 2018

PSB: From Undercapitalized Commercial Bank to Russian Military Bank

Promsvyazbank, one of a number of large private lenders to be taken under the government wing over the past year, is set to assume an unusual role of the Russian military’s main coffer. Manulife senior analyst Richard Segal considers the prospects of such a specialized lending institution in a challenging landscape of sector consolidation and international sanctions.

16 Mar 2018

Ratings, Adversity, and EM Policy Responses

As Russia re-emerges from the sub-investment grade mire, Ashmore's Head of Research Jan Dehn questions the sensibility of the original downgrade and, more broadly, the approach credit rating agencies take on assessing sovereign risk.

9 Mar 2018

CASE STUDY: Credit Bank of Moscow Achieves Tightest Coupon for Russian Private Financial Institution

Russia’s second largest private lender defied the difficult market environment and negative sentiment in the sector to achieve the lowest coupon for a Russian financial institution and a well-balanced orderbook of investors.

28 Feb 2018

Angola: Next in Line in Africa for an IMF Programme?

Angola’s new President João Lourenço – locally referred to as J-LO – has had a busy first 100 days in office. Under the mantle of high popularity, he has been implementing core changes that are putting the country onto a different, necessary, and most likely difficult, path. Is all of this leading the country towards an IMF programme? It would be music to investors' ears if it were.

23 Feb 2018

Ukraine Makes Strides Forward Despite Lingering Corruption Woes

After a traumatic few years catalysed by the annexation of Crimea and the ensuing civil conflict with its easternmost regions, Ukraine has developed a certain degree of flexibility in managing a series of shocks encountered since. But a lack of progress on crucial reforms, political mismanagement, and consistent lack of access to credit for key sectors like agriculture threaten the progress…

21 Feb 2018

Bonds & Loans Turkey Awards: Winners in 2018

Despite a conspicuous rise in tensions between Turkey and some of its closest neighbours and allies, the country finished 2017 as one of the fastest growing economies in the world – thanks in part to an unprecedented fiscal stimulus that helped among other things stoke the continued deepening of the capital markets. Against that backdrop, a number of leading issuers and borrowers once again set…

20 Feb 2018

Emerging Markets and the US Dollar: What the Decline Means for EM Fixed Income

The decline in the Dollar versus Emerging Markets (EM) currencies began two years ago with more room to run, in our view. The unwinding of QE policies in the coming years will continue to weigh on the Dollar, and EM stands to benefit as capital inflows to EM ease important financial constraints. This should unleash stronger domestic demand and eventually more rate hikes than the Fed will deliver.

8 Feb 2018

Globalising Sukuk: Diversifying Investment with Price-Competitive, Ethical Assets

Sukuk – sharia-compliant bonds – may have risen to prominence in majority-Muslim countries over the past two decades, but their appeal has clearly gained momentum among a diverse group of stakeholders – and for good reason. These instruments offer borrowers ethical, price-competitive ways of diversifying their investments and raising new capital - just some of the reasons why global sukuk…

1 Feb 2018

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