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Macro

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

Private Credit in Latin America: Helping SMEs Transition to Corporate Finance

The asset class that first came to prominence in the region several years ago is resurfacing in a big way, driven by investors’ hunger for yield and diversification, helping SMEs and corporates source alternative funding in the meantime. But questions are being asked about the sustainability of private debt were the global environment to deteriorate and liquidity to drain from the market.

28 Nov 2019

Colombia: Latin America’s Shining Star Dims amid Tax Law Setback

As the wave of social unrest spreads across Andes, investors are becoming wary of risks surrounding Colombia. In late October, the government presented a revised tax reform proposal to Congress after the initial bill was overturned due to procedural failings. While the new proposal is expected to pass, questions remain over the fiscal impact of the reform – and what it means for the outlook in…

26 Nov 2019

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM came under pressure last week as doubts rose whether the Phase One deal can be completed. Also, the dollar was able to get some traction against the majors as the eurozone, UK, and Japan all reported weaker than expected November PMI readings. Divergences in the growth outlook and interest rate differentials should remain in the dollar’s favor. Furthermore, the weaker global growth outlook…

25 Nov 2019

SWOT Analysis: Privatisation and Domestic Issuances Driving Markets in Brazil

Bonds & Loans examines the strengths, weaknesses, opportunities and threats facing the Brazilian market following a research trip to the region.

22 Nov 2019

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