Usman Ahmed, Managing Director at Emirates NBD Asset Management sat down with Bonds & Loans at the Bonds, Loans & Sukuk 2018 conference in Dubai to talk about the growth of the asset management segment in the GCC.
EM FX was mixed on Friday but capped off a largely losing week. MYR, CLP, and CNY were the best performers over the last week, while ARS, TRY, and ZAR were the worst. We expect EM FX to continue weakening, but note that with very few fundamental drivers this week, we may see some consolidation near-term.
Despite Finance Ministry’s efforts to clean up public accounts and reduce fiscal risk in the future, the strategy for fiscal adjustment, as with the spending cap, has been gradual. As a consequence, one could not discard the risk of creeping insolvency, which could threaten the recently secured economic stability.
Saudi Arabia’s grand ambitions to create new large-scale residential, industrial, “shoppertainment” and other mixed-use developments could be a boon for the country’s – indeed the region’s – real estate developers, investors and financiers. But the sector’s potential has never looked so mixed.
By late 2017, to the surprise of naysayers, the Russian economy appeared to have successfully navigated a challenging sanctions-riddled period and by Q1 2018 was looking to be one of the better EM stories on the market. But the latest escalation in tensions with Washington, along with broader EM outflows, have seen the country’s issuance pipeline dry up even as economic fundamentals remain strong, especially relative to the struggling peers like Turkey and Argentina.
Todd Schubert, Managing Director, Fixed Income Research at Bank of Singapore sat down with us at the Bonds, Loans & Sukuk 2018 conference in Dubai to talk about GCC credits from both relative value and absolute perspectives, and assess the success of key fiscal reform efforts undertaken in the region.
EM FX ended Friday on a mixed note, capping off a roller coaster week for some of the more vulnerable currencies. We expect continued efforts by EM policymakers to inject some stability into the markets. However, we believe the underlying dollar rally remains intact. Central bank meetings in the US, eurozone, and Japan this week are likely to drive home that point.
Disruptive new technologies such as cryptocurrencies and distributed-ledger technologies like blockchain are slowly penetrating the banking sector and debt capital markets, creating opportunities – and raising risks – for the traditional stakeholders.
On 16 May 2018, the African Development Bank (AfDB) successfully priced a EUR1.25bn 10-year Social Bond transaction. The issue follows the inaugural EUR500mn 7-year Social Bond issued in November 2017.
Martin Egan, Vice Chairman of Global Markets at BNP Paribas sat down with Bonds & Loans at the Bonds, Loans & Sukuk 2018 conference in Dubai to talk about the GCC debt capital markets pipeline, the delicate balance between oil price and regional volatility for investors, and potential replacements for LIBOR.
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15 Jun 2018