CEEMEA
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
Russia: Western Banks in Wait-and-See Mode Amid Consolidation, Sanctions Risk
Over the past three years, the Central Bank of Russia has done an impressive job of staving off financial crisis while continuing to consolidate the country’s bloated banking sector. But as the state’s share in the sector approaches 70%, questions are being asked about the sustainability of its approach and the risks for private lenders, particularly those headquartered abroad.
31 Jan 2018
Zimbabwe Recovery Huge Boon for Foreign Banks, Credit Markets – If Regulators Can Pull Off Reforms
With Zimbabwe’s infamous revolutionary-turned-dictator Robert Mugabe out and one of his main rivals left to pick up the pieces of an economy in tatters, the country’s prospects are anything but clear. Analysts are optimistic that policymakers can find a path to normalisation – creating significant opportunities for international and regional lenders, and the country’s credit markets, in the…
30 Jan 2018
Sunny Outlook for Egypt’s Renewables as DFIs Make Way for Commercial Banks
The first two stages of the Egyptian government’s solar and wind programme have been somewhat hit-and-miss, but increased development bank involvement sets the next stage on a path to encourage wider private sector participation. Third time’s a charm – but only if local and commercial lenders play their part, analysts suggest.
23 Jan 2018
Eurotorg CIO: ‘DCM debut positions us well for more deals’
Bonds & Loans speaks with Andrei Matsiavin, Chief Investment Officer at Eurotorg, a leading Belarusian food retailer, about the company’s hugely successful cross-border capital markets debut – which was also Belarus’ first international corporate Eurobond sale.
19 Jan 2018
Tenor, Size, Format and Structuring: The Key to a Successful Debut Sukuk
With over USD33bn of issuances year to date in 2017 – from just under USD2.5bn in 2008 – the sovereign Sukuk market has grown rapidly over the past decade. Despite such progress, there remains room for further unprecedented growth. The market remains restricted by liquidity constraints, higher costs, and a lack of deep understanding of the Sukuk instrument. If proactive, however, borrowers can…
16 Jan 2018