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21 Aug 2017   Daily Roundup

Emerging Market Credit Daily Roundup: 21 August, 2017

EM funds register biggest outflows in a year – Qatar approaches banks to tap international investors – Egypt auctioned euro denominated T-bills – Ghana to cut spending – UK to invest in Colombia and Panama – Chile holds rates – Azerbaijan gets downgraded

Capital Market Reform: An Outstanding Bill for Argentina’s Economy

Argentina’s local markets have trailed behind its South American peers for years, and president Mauricio Macri’s ambitious reform package aims to change that; it will depend, however, on him securing enough political capital in October’s midterm elections to pass the legislation through Congress first.

Off the Record: Hunting for Value in Africa with Bond Fund Managers

We speak with a number of leading Africa-focused fixed income fund managers to get a better sense of the opportunities and risks present in the continent’s emerging and frontier economies.

Emerging Market Credit Daily Roundup: 17 August, 2017

Qatar’s economy will grow slower than expected – Standard Bank of South Africa to issue its first bond in a decade –Brazil’s fiscal deficit target increased – Egypt to auction euro denominated T-bills – Tunisia foreign currency reserve at lowest levels in three decades – CEFC China Energy in talks to acquire a stake in Rosneft – Egypt approves new investment law

Middle East Credit Markets Brief: 3 August – 17 August

Middle Eastern air carriers’ passenger growth disappoint – Goldman Sachs bough a piece of Aramco’s credit facility – Saudi Arabia mulls local sukuk – TAQA to refinance US$500mn bond - Doha Bank to sell UAE credit assets – Egypt’s FDI hit US$48.7bn – Bahrain picks banks for US bond – Iraq bond issuance received US$6.6bn in orders – Jordan might tap the international markets in 2017

Emerging Market Credit Daily Roundup: 16 August, 2017

QIA reduces its stake in Credit Suisse – Egypt to issue a new USD4bn Eurobond – Zambian prosecutors drop treason charges against opposition leader – Namibia’s Central Bank cut rates – Colombia delivers better than expected economic growth – China becomes US largest creditor – ADB issues green bonds – UNB opens branch in Shanghai – Jugra Bank’s budget deficit larger than expected

Latin America Credit Markets Brief: 2 August– 16 August

The spread between Mexico's government debt and US Treasuries fell to its lowest levels in 3 years – Zuma Energia secures loan to build wind farm – Michel Temer clings to power – Elections favourable to Macri’s party – Colombia tapped the international markets – Cerro del Aguila issued international bonds – Peru's economy will likely grow 3.8% to 4% –– US enacts fresh sanctions against Venezuela – Mercosur suspends Venezuela

Emerging Market Credit Daily Roundup: 15 August, 2017

US interest rate hikes threaten GCC debt outlook – Dana Gas bondholders could get the shaft – Qatari, Turkish firms sign trade agreements – Zuma urges ANC to track down dissenters – South African courts reject RBSA mandate change – Peru revises down 2018 growth – Argie risk declines on Senate primary results – SEBI to work on streamlining corporate bond pricing – Russia to allow new COBR bonds

In Cotton and Textiles, Nigeria’s Import Restrictions Create Opportunities for Mid-Sized Players

The domestic cotton and textiles sectors used to be a huge contributor to Nigeria’s GDP, but massive growth in the oil sector coupled with declining government support has marginalised the industry. Sumit Jain, CFO of West African Cotton Company (WACOT), talks to Bonds & Loans about how the company is working with the government to boost domestic production of cotton and foodstuffs, and how stringent import restrictions and FX shortages – among the biggest challenges facing Nigerian corporates – have created new opportunities for mid-market players.

Emerging Market Credit Daily Roundup: 14 August, 2017

Jordan mulls a USD-denominated sukuk – Iran in talks to buy 45 helicopters – Angola gets downgraded – Rwanda sells T-bills – Codelco repurchased bonds - Medco Energi International taps the markets - China’s economic growth “fades” in July – India’s economy top performer in EM universe - Gerhard Schröder nominated for Rosneft board


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