Macro
Brexit, not Fed, a concern for Europe’s emerging markets
Although emerging markets like Turkey reacted positively on expectations that the US Federal Reserve is unlikely to raise rates this month, many EMs have already factored in such risk and only a higher frequency of hikes would likely affect them. The larger threat to European EMs is the risk of Brexit, which is already weighing on countries such as Poland, and could lead to a much larger fallout.
6 Jun 2016
Commodity uplift driving Latin America’s debt revival
After a quiet spell in the debt markets, Latin American issuance is again picking up as a result of rising commodity prices and regime changes among other factors. But market activity is not evenly distributed, with many Brazilian corporates such as Gol Linhas Aereas struggling to find funding that Argentine and Mexican issuers enjoy access to.
3 Jun 2016
VIDEO: Neil Shearing, Chief Emerging Markets Economist, Capital Economics
Neil speaks about the difficulties the Brazilian economy faced over the last couple of years, and what could be done to improve the country's fiscal outlook amid the current economic crisis.
3 Jun 2016
On The Horizon in EMs
GFH Financial Group plans US$150mn sukuk – Turkey to raise US$1bn through Islamic debt – Ghana’s COCOBOD gains permission for US$2bn loan facility – Petrobras announces US$6bn bond buyback
2 Jun 2016
On The Horizon in EMs
Oman's MB Holding Company mandates banks for sukuk – Argentina's Cablevision SA mandates banks for benchmark bond - China Aircraft Leasing Group Holdings signs US$195mn syndicated loan
1 Jun 2016
South Africa’s corporates shun the markets
Although there is concern over S&P Global Ratings’ upcoming review of South Africa, a lack of corporate activity on the international debt markets is not a recent phenomenon; simply put, country’s fundamentals have been deteriorating for some time.
1 Jun 2016
Banking Africa’s Corporate Sector
Africa’s corporate sector is grossly under-banked. The corporate sector will undoubtedly be the main driver of Africa’s growth over the medium term. This will require credit.
27 May 2016
On The Horizon in EMs
Deals, rating actions, currency movements, policy changes, and the occasional bit of hearsay. Here is your daily snapshot of what’s happening, and what’s on the horizon, in emerging markets.
26 May 2016
Are Middle Eastern lenders losing ground to international heavyweights?
The increasing participation of international lenders, including Asian banks, on debt transactions in the Middle East is a sign that local lenders are suffering from a shortage of liquidity. However, deposit rates are increasing in some Gulf countries, and there is still liquidity in some countries’ banking sectors, although lending has been contained to banks’ local markets.
26 May 2016
On The Horizon in EMs
Deals, rating actions, currency movements, policy changes, and the occasional bit of hearsay. Here is your daily snapshot of what’s happening, and what’s on the horizon, in emerging markets.
25 May 2016