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24 May 2019   Africa, Macro

Game Over, Zambia – Please Insert IMF Token to Continue Playing

In the world of emerging and frontier markets, there is rarely a dull moment. But while countries like Venezuela or Argentina continue grabbing headlines, one country in southern Africa is starting to creep ever so slowly into the limelight – and it’s not Mozambique.

Securities Commission Malaysia: SRI Sukuk Broadens Investor Base that Participate in SDGs

Malaysia has been pioneering the sustainable Islamic finance market well before the country’s 2014 launch of the Sustainable and Responsible investment (SRI) Sukuk framework. Zainal Izlan Zainal Abidin, Deputy Chief Executive of Malaysia’s Securities Commission, says the country needs to build on the seven SRI sukuk issued to date and pull more borrowers from the private sector into the sustainable finance market while ensuring demand from investors.

Penalise or Promote: Is ESG Rating a One-Way Street?

Scores and rankings of ESG – shorthand for environment, social and governance – factors has become supremely important for investors looking to funnel capital towards more sustainable activities, often on the basis that better ESG means more sustainable cashflow generation capacity and lower overall risk. But are there limits to the linkages that can be drawn between credit performance and ESG rankings?

CASE STUDY: Almarai’s USD500mn Issue Marks First Corporate International Sukuk out of Saudi

The benchmark-sized international debut sukuk received more than USD5bn worth of orders – a similar level of oversubscription to the recent Saudi Aramco jumbo bond, a tremendous start to the Saudi dairy giant’s new USD2bn Islamic finance programme.

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM remains hostage to global trade tensions. Last week’s moves by the US to with regards to Japan, EU, Canada, and Mexico should only be viewed as a change in tactics. China is now the sole focus, but these other trade skirmishes are likely to flare again. We remain negative on EM within this environment.

CASE STUDY: Sri Lanka USD2.4bn Bond Hits Near-Perfect Distribution Despite Downgrade

The sovereign issuer overcame a highly challenging political landscape, culminating in a political crisis, to secure a significant quantum of international funding to support its ailing economy.

Buoyant Markets Herald Strong Start for GCC Credits in 2019: Where Next for the Region?

With further bond index inclusion on the horizon and oil prices holding steady, CFOs and Treasurers are optimistic about the GCC region’s credit market prospects. But the accelerated pace at which today’s markets are evolving is reducing long-term visibility and raising questions over the kind of macro and monetary policy environment borrowers and investors are likely to find themselves in going forward, according to fundraising specialists who participated with an exclusive CFO roundtable co-hosted by HSBC and Bonds & Loans in Dubai.

My Baby, Xi Wrote Me A Letter

With the trade war heating up, we have been getting more questions about yuan policy. Despite renewed US-China tensions being a headwind for the mainland economy, we do not see the yuan being used as a weapon in this trade war.

Total Eren: ECAs Key to Argentine Power Funding as Banks Sit Out the Volatility

RenovAr, Argentina’s flagship solar and renewables programme, has struggled in recent months due to the severe macroeconomic challenges weighing on the country. But as the country’s markets stabilise, developers focused on the region remain cautious as upcoming elections later this year could result in a change of direction. We speak with Martin Parodi, Managing Director, Total Eren Argentina, one of Argentina’s leading solar and wind power players, about the outlook for the country’s power sector and the factors influencing the company’s funding strategy.

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM FX ended last week on a firm note on optimism that a trade deal will be reached. We think that optimism is misplaced and so look for EM weakness to resume this week. Indeed, rhetoric from both sides over the weekend suggest things will get worse before they get better.

 

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