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Macro

Is the junk bond revival nothing but rubbish?

Junk bonds and distressed debt from emerging markets has seen a brief rebound on the back of rising commodity prices. However, with the increase in commodity prices slowing, sub-investment grade debt may lose its gains.

5 Apr 2016

Approved: Argentina’s debt deal

Argentina has gained permission to re-join the international capital markets, and will likely enter the markets with a large issuance. An already saturated debt market and global economic headwinds could affect any issuance, however, the scarcity of Argentine debt could prove too tempting for many investors to pass up.

1 Apr 2016

China to boost exposure of yuan to foreign markets

China could increasingly utilise foreign currencies in its domestic market in an attempt to make trading more profitable for Chinese companies. It could also issue bonds in a variety of the IMF’s reserve currencies to increase the exposure of the yuan to foreign markets.

1 Apr 2016

Mexico’s outlook lowered by Moody’s

Moody’s decision to lower Mexico’s credit outlook is linked to the performance of the state oil company. Any support given to Pemex by the sovereign could impact its current fiscal targets, which could contribute to a downgrade. However, as one of the best performers in emerging markets, it is unlikely that a downgrade would strongly affect foreign appetite for Mexican debt.

1 Apr 2016

Emerging market inflows on the rise

Despite a still unsteady global economy, dovish signals from the US Federal Reserve, rising oil prices and relative calm in China among other factors, capital inflows into emerging markets increased dramatically over the previous month. However, analysts warn external factors could still dent investors’ renewed interest in emerging economies.

31 Mar 2016

The China Convergence

Despite a volatile second half of 2015 and beginning 2016 on a rather precarious note, little seems to stand in China’s way as it seeks to position the yuan as a global reserve currency and supplant the US to become the global benchmark for fixed income.

22 Mar 2016

If oil has bottomed out, could emerging markets recover?

With oil prices looking up will emerging markets follow?

15 Mar 2016

ORPIC in large debt financing

Oman’s ORPIC has managed to successfully secure a large project financing facility in a region where economies are suffering from low commodity prices. The corporate’s independence from the sovereign, and success as a result of that, highlights that there are still attractive investment opportunities in the Middle East.

15 Mar 2016

Emerging markets face large debt repayments

Both emerging market sovereigns and corporates will be tested over the next few years as high levels of debt begin to reach maturity amid a time when servicing such foreign currency denominated debt is becoming increasingly difficult.

14 Mar 2016

Vaquero: Brazil finally on the right side of pricing

Petrobras is now selling fuel domestically at a premium, but has a lot of catching up to do explains Wilbur Matthews, CIO of Vaquero Global Investments.

24 Feb 2016

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