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Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

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

Uncertain Global Outlook Highlights GCC Debt Opportunity

As investors around the world brace for continued uncertainty in 2019 that will test the steeliest of nerves, the outlook for debt markets in the Gulf Co-operation Council (GCC) region is a much brighter one, with the potential for strong risk adjusted returns.

7 Feb 2019

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

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

The Waning Influence of OPEC

Since its establishment in 1960, OPEC has seen its proportion of global oil production gradually decline. With the formation of OPEC+ in 2016, which saw OPEC agree to cut production alongside a number of other producers, and Qatar’s recent exit from the bloc, questions have been raised about the cartel’s waning influence – leading some to seriously consider what a world without OPEC would look…

21 Dec 2018

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