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23 Jun 2017   Daily Roundup

Emerging Market Credit Daily Roundup: 23 June 2017

DBN gets a BBB- rating – Nigeria secures new loan from The World Bank – Norway threatens to cut Brazil’s assistance - The State Bank of Pakistan plans new sukuk - China Jinmao taps the international markets – India’s Rural Electrification Corp to issue green bonds – Belarus returns on Eurobond market – Russia’s energy minister Novak leaves Rosneft board

Should Indexing Remain a Business?

In constitution and performance, indexes are in large part designed to act as a mirror to the markets they reflect, with investors largely vying for ways to exploit information deficiencies and fleeting hunches to beat them. But in emerging markets, there is a huge discrepancy between the assets that compose these indexes and the actual asset class, raising fundamental questions about the purpose these tools serve.

Middle East Credit Markets Brief: June 9 - June 23

GCC sukuk issuance topped US$22bn in 1H2017 – Saudi Arabia has a new heir to the throne – Saudi Arabia was added to MSCI’s watch list for a potential upgrade – UAE banks’ loan books grow by 2.13% – Dana Gas sukuk deemed “unlawful” – Qatar’s sovereign wealth fund has injected deposits into local banks to boost liquidity – QPSC said it expects to meet its earnings targets

Emerging Market Credit Daily Roundup: 22 June 2017

Turkey’s Eximbank signed a loan facility – Nigeria to launch first welfare program –Peru’s Finance Minister resigns - Venezuela to sell fixed income securities - China’s tapped the international markets - China Evergrande Group issued a dual-tranche bond – Gazprom to issue a Eurobond – Egypt’s IMF loan delayed

Venezuela State Asset Firesale Continues Amid Hard Currency Shortages

Even as Venezuela continues to get rid of its last remaining financial assets in its quest for fresh cash; analysts believe that a default in the crisis-struck nation is just a matter of time

Latin America Credit Markets Brief: June 9 – June 22

Navistar Financial tapped the local markets – Temer denies corruption allegations – IFC is investing in Banco Industrial do Brazil – Temer received another setback in the Senate – Argentina issued a 100-year bond – MSCI snubbed Argentina – Davivienda issued a triple- tranche bond in the local markets – Chile issued a US$1.2bn bond – Panama’s inflation eased – Petroperu tapped the international markets – Venezuela fails to pay debt

Emerging Market Credit Daily Roundup: 21 June 2017

Saudi Arabia has a new heir to the throne– Saudi Arabia was added to MSCI’s watch list- Sibanye Gold sold a double-tranche bond – Argentina snubbed by MSCI- Temer receives another setback in the Senate- MSCI to add a selection of China’s shares- Nova Austral prints notes- Global investors buy Russia’s Eurobond- New sanctions for Russia

CASE STUDY: Minerva Sees Aggressive Pricing on US$1bn Bond

Brazil beef giant tapped Minerva took advantage of favourable conditions in emerging markets to sell a US$1bn bond due 2026, which priced inside the company’s yield curve at 6.625%.

Turkish Growth: Is 5% Too Good to be True?

Turkish policymakers finally got some breathing room earlier this month when official data unveiled that Turkey’s economy had grown at 5% in the first quarter of 2017, beating market consensus by more than 1% while raising suspicion among economists

Emerging Market Credit Daily Roundup: 20 June 2017

Qatar injects fresh cash into banks– DAE to issue corporate bonds–Nigeria prints US$300mn notes – ICBC Asia tapped the international markets- Argentina’s 100-year bond oversubscribed- China’s economic growth expected to fall- Indonesia sells T-bills- Hungary keeps interest rates on hold- South Africa’s central bank fights back


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