Macro
Ukraine on the Mend as Domestic Capital Market Opens Up to International Investors
A preliminary agreement with the IMF on a vital USD5.5bn loan is an auspicious signal that a long-awaited economic recovery in Ukraine may be in the offing. But with the PrivatBank case and a number of other international litigation battles still simmering, bad headlines streaming from the US impeachment proceedings and little progress in establishing peace on the Eastern border, Ukraine still…
6 Jan 2020
Webinar: What are the top themes likely to dominate emerging market investing in 2020?
Mark Mobius, Director of Mobius Capital Partners gives his outlook for 2020
2 Jan 2020
Brazil: A Year in Review, and What’s on The Horizon
Recent data suggests that the economy is gaining gradual steam, albeit from a subdued level. But despite the near-term optimism, whether the momentum is likely to be sustained through 2020 is far from clear.
23 Dec 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
Risk assets such as EM got a big boost last week, as tail risks from a hard Brexit and the US-China trade war have clearly ebbed. Still, the initial lack of details on the Phase One deal as well as uncertainty regarding the next phases have left the markets a bit jittery and nervous. Hopefully, this week may bring some further clarity and the good news is that the December 15 tariffs have been…
16 Dec 2019
In Saudi Real Estate, Unrivalled Ambition Spurs Huge Opportunities and Significant Challenges
With a pipeline that includes transforming deserted islands into resort towns and near empty coastal beaches into cities the size of Washington DC, and increasing the proportion of homeownership to 70% of occupants, there are few if any examples that seem to rival the scale of ambition – or the interconnectedness and complexity of the challenges – entailed by the Saudi government’s bid to rapidly…
13 Dec 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM has had a good month so far as market optimism on a Phase One trade deal remains high. Yet November trade data due out this week should show that until that deal is finalized, the outlook for EM remains weak. Deadline for the next round of US tariffs is December 15 and so talks this week are crucial. Lastly, three major EM central banks are expected to cut rates this week, underscoring the…
9 Dec 2019
HSBC Turkey Sees Syndicated Loan, Bond Volumes Rising on The Road to Recovery
Following a tumultuous 2018, Turkey’s economy is now back on the road to recovery as the pathway to reform becomes clearer and global markets stabilise. Bonds & Loans speaks with Yiğit Arslancık, Assistant General Manager and Head of Wholesale Banking at HSBC Turkey about improving market sentiment, the growth in sustainable finance, and investor engagement.
6 Dec 2019
Bolivia: Political Upheaval Undercuts Latin America’s Socialist Fairy Tale
The flight of Bolivia’s president Evo Morales following street protests and an intervention by the country’s armed forces was in some ways the least unexpected turn of events making waves across Latin America’s political landscape. While for the last decade the Andean nation has been a beacon of stability and high growth, much of it came from generous but unsustainable fiscal policies ripe for…
5 Dec 2019
A LIBORious Transition: Weaning the World off the Most Popular Credit Benchmark
More than two years have passed since the UK FCA’s Chief Executive Andrew Bailey set the deadline for the financial markets’ transition away from LIBOR, upon which roughly USD350tn in securities, loans and derivatives across five major currencies is contracted. Finding an alternative that can satisfy the diversity of markets that rest upon this crucial benchmark is proving to be more elusive than…
3 Dec 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
Over the weekend, China reported stronger than expected November PMI readings while Korea reported weaker than expected November trade data. While the China data is welcome, we put more weight on Korea trade numbers, which typically serve as a good bellwether for the entire region. Press reports suggest the Phase One trade deal has stalled due to Hong Kong legislation passed by the US Congress.…
2 Dec 2019