Macro
Russian Bank Purge Deemed a Success, But the Sector Remains Overcrowded
Over the last three years Russia’s Central Bank went on a delicensing spree, shutting down hundreds of small and medium-sized banks. Although the sector is now looking healthier, it remains overcrowded, according to experts.
7 Nov 2016
October inflows negative, but EM fixed income resilient
EM fixed income portfolio flows dropped sharply in October. However, EM equities saw almost the same amount in inflows. The mismatch can be explained by the various individual credit stories across EM, and there is no sign that the general EM rally will slow any time soon. Although a Fed hike is now almost certain for December, a renewed slowdown in China will have the most serious impact on EMs.
4 Nov 2016
Sub-Saharan Africa Not in Debt Crisis… Yet
Sub-Saharan Africa (SSA) is not yet facing a debt crisis, and issuing debt is the only way for the economies of the region to fund their existing debt and finance their budget deficits. However, prudent use of funds is necessary to maintain credibility otherwise Eurobond funding is likely to dry up, the cost of which local and concessional borrowing alone will not be able to cover.
2 Nov 2016
Ukraine needs further reform before investors consider opportunities
Investors remain sceptical about Ukraine despite the government’s request that state officials declare all of their assets in a transparency-driven push to implement IMF reforms. In addition, the hold up of numerous reforms is unlikely to drive investors to the country any time soon.
1 Nov 2016
Macroeconomic Outlook - Argentina
An overview of Argentina’s economic fundamentals and the drivers of growth going forward
28 Oct 2016
Road to Success: How Can Brazil Revive its Ailing Infrastructure?
Despite an infrastructure spree spurred on by the Olympics and World Cup, the country’s transport and logistics networks are still some of the weakest in emerging markets. With local and foreign banks squeezed by liquidity constraints and retreating into the shadows, where will the new government gather funds to finance its ambitious infrastructure development programme?
27 Oct 2016
Turkey: Life After Downgrade
Life after the downgrade of Turkey’s sovereign credit rating has demonstrated that not everything is lost. Investors did not overreact in selling Turkish assets, as was the case in Russia and Brazil.
27 Oct 2016
Lull hits MILA debt offerings as markets assess global risks
Chile’s proposed return to the international debt markets and Mexico’s recent euro-denominated trade mark a rare sign of activity in the MILA region over the past few months. What is causing the slowdown?
26 Oct 2016
Threat of sanctions forces Russian Railways to rethink new chief appointment
Russian media report suggests international bond default risk could force the state-owned transportation giant to backtrack over the appointment of Mikhail Fradkov as the new company head.
19 Oct 2016
Turkey’s post-downgrade US$1.5bn bond feat puzzles sceptics
Opinion is divided about the reasons behind Turkey’s recent success on the international debt markets, but questions remain over the country’s long-term investment potential.
18 Oct 2016