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Investor Insights

EM Telecoms During the Crisis: A Different Kind of Going Viral

When most other sectors face an unprecedented crisis, the telecoms industry could stand to benefit as demand for digital communciations soars on the back of requirements for self-isolation and quarantines across most of the world's nations, argues Manulife's Richard Segal, but the ability of telecoms to prosper in challenging times varies significantly from market to market.

27 Mar 2020

Economics and Markets Investor Insights Global

Kenyan Bond Yields Spike Due to Pandemic, Locust Disruption – Cytonn Investments

As the COVID-19 pandemic wracks emerging and developed economies alike, market have gone into overdrive with shares and bonds both suffering heavy sell-offs as investors flee to the safety of US dollars. Kenya’s local currency treasury bonds (TBs) and outstanding Eurobonds have been no exception to this trend.

26 Mar 2020

Ashmore: Assessing the EM Policy Reaction-Function in the Context of a COVID-19 Induced Recession

Ashmore's Deputy Head of Research Gustavo Medeiros assesses the policy reactions in emerging and developed world to the COVID19 pandemic and its impact on the global economy, concluding that EMs - lead by a gradual recovery in China and intra-EM trade - will regain strength and resilience as the crisis subsides.

25 Mar 2020

Liquidity Concerns – Not Solvency – Driving Fixed-Income Pricing - Eaton Vance

As demand for dollars worldwide soars, cracks and dislocations are appearing in various markets including fixed income, which has seen a huge liquidity drain despite largely unchanged fundamentals.

25 Mar 2020

BBH: EM Preview for the Week Ahead

EM and other risk assets are likely to remain under pressure this week as the impact of the coronavirus continues to spread. Germany and Italy announced more severe restrictions on gatherings and travel. Reports that the Republican Senate-led aid bill has stalled due to Democratic resistance hasn’t helped matters, nor have increasingly dire estimates of the potential Q2 contraction for the US.

23 Mar 2020

Do Current Valuations Compensate Investors for Increased Default Risk?

As COVID-19 and the ongoing oil price spat between Riyadh and Moscow continues to wreak havoc on markets across the world, the spreads on high yield assets in both EM and DM have widened significantly. With many companies seeing their revenues take a beating at countries go into lockdown, and with many sovereigns juggling their need for fiscal stimulus with already lopsided public finances, Iain…

23 Mar 2020

IDFC Fund Manager: With Rate Cuts Around the Corner in India, Investors Should Avoid Panic-Selling and Aim for Quality Credits

Despite recent selloffs and growth concerns in India, investors should still find value in higher-quality credits, according to the head of fixed income at Mumbai-based IDFC Mutual Fund.

19 Mar 2020

Emerging Market Guru Sees Buying Opportunities Ahead

As indices and asset prices continue to jostle, at least one veteran emerging market investor is starting to see buying opportunities emerge.

17 Mar 2020

BBH: EM Preview for the Week Ahead

Market sentiment is likely to open this week on an upswing after the Fed’s emergency rate cut and expanded QE were announced Sunday afternoon local time. Yet as we have seen time and again this past couple of weeks, added stimulus has had little lasting impact on markets as the virus numbers continue to worsen. Europe is now reporting more daily cases than China did at its peak. We remain…

16 Mar 2020

Crude Awakening: Oil Producers with Weak Balance Sheets Most Vulnerable to New Price Reality

While analysts have been hesitant to adjust their long-term expectations on oil prices amidst some of the near-term volatility seen in recent weeks, fund managers at M&G are already warning that a scenario involving average oil prices below USD40 per barrel in 2020 would see the prospects for emerging market oil producers change dramatically.

16 Mar 2020

For Investors, NMC Health Brings Back Haunting Echoes of Abraaj

UAE-based NMC Health’s investigation into substantial amounts of undisclosed debt is making investors wary of another Abraaj-style lapse in corporate governance.

12 Mar 2020

PMI Data Indicates Difficult Start to the Year for Kenyan Private Sector

February marked another difficult month for Kenya’s economy, with fresh PMI data from IHS Markit and Stanbic Bank indicating a second consecutive month of falling business activity.

9 Mar 2020

On the Ground and Off the Record: What Will Drive the Infrastructure Sector in Saudi Arabia This Year?

The year ahead looks to be a busy one for Saudi Arabia. A strong project pipeline will provide opportunities for many inside and outside the country, but the sheer scale and complexity of these will test the market, according to bankers, corporates and investors who spoke with Bonds & Loans on a recent research trip to the region.

6 Mar 2020

As Fear Takes Over, Markets Should Take Refuge in Buying Opportunities that Epidemics Create – William Blair

The last week of February saw markets end at levels not seen since May 2019 and some of the largest asset sell-offs in nearly 10 years. But while it’s always difficult to predict market behaviour, participants should gain some comfort from the fact that market reactions to previous epidemics have been relatively short-lived and generally create more buying opportunities, say emerging market debt…

6 Mar 2020

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