Eurozone Bond Sell-off Presents New Opportunity for EM Debt

As the political future of Europe hangs in balance, investors are looking at EM securities as viable replacements.

29 Mar 2017

Davos Provides More Questions Than Answers on Economic Order

Last week the world’s economic and political elites descended to the Swiss city of Davos for the annual World Economic Forum (WEF). This year's conference was unlike any other before – fitting given how unconventional 2016 really was – and left economic leaders with more questions than answers.

24 Jan 2017

Ukraine’s “Too Big To Fail” PrivatBank Nationalized, Beckoning Bail-In Questions

Ukraine’s largest lender PrivatBank is to be taken over by the government as liquidity woes threaten client savings. Among other things, the move raises questions about implementation of the Basel III bail-in measures embedded in the bank’s securities.

20 Dec 2016

EU Visa-Free Regime Closer for Ukraine, as Corruption Gnaws at Economy

After months of deliberations, Europe’s politicians and diplomats finally forged an agreement with Ukraine to pave way for visa-free travel in the EU for its citizens. While for Ukraine’s Western-facing portion of the population, three years after the Maidan protests, the deal is a milestone, the short-term prospects of the Eastern European country remain perilous.

12 Dec 2016

Top Dealmaker: Demetrio Salorio, Societe Generale Corporate & Investment Banking

Markets in 2016 kicked off much like they appear to be winding down: with many unknowns ahead. Nevertheless, that uncertainty has bookended a record year for debt capital markets globally, as low interest rates and quantitative easing sent money into new regions (particularly emerging markets) and asset classes (such as European high yield), enabling borrowers to capitalise on reduced costs of…

28 Nov 2016

Will China’s CEE €10bn Fund Open Doors to Europe?

Several years of discussions between China and the Central and Eastern European (CEE) states has finally manifested itself into a concrete deal – an US$11.15bn investment fund for projects in the region. But will it create a pipeline for further Chinese investment?

8 Nov 2016

EM Europe – low growth but strong fundamentals

Emerging Europe is seeing less capital inflows than other, higher growth EM geographies. The low growth environment means that the region’s fundamentals are relatively strong, as there has not been much capital expenditure, but fears over an ECB or US Fed hiking cycle could negatively impact debt from the region, particularly in Poland’s case.

7 Oct 2016

Poland’s fiscal consolidation: tying ambition to reality

Investment into the sixth largest European economy amounted to just 16.7% of GDP in second quarter of 2016, down by 1.4% year-on-year. As the Polish government gears up to carry out the economic reforms promised during the PiS party’s election campaign, the sombre reality of falling investment and rising fiscal deficit may curb those ambitions.

29 Sept 2016

Covered Bonds in Turkey: A Revival on the Horizon?

Many of Turkey’s largest lenders have moved to set up covered bond programmes since the government passed key legislation in 2014, but issuances have been few and far between. With mortgage growth looking healthy and the government intent on introducing yet more legislation aimed at driving investment, are covered bonds back on the agenda for the country’s banks?

22 Sept 2016

Improving conditions sees EM European lending benefit the most

Credit activity is rising across EMs following accommodative central bank policies. Emerging Europe has benefitted the most across EMs, with increasing demand for loans being supported by improving lending conditions and lowering of NPLs – but Turkey bucks the trend.

25 Aug 2016

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