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Bonds & Loans Latin America Deals of the Year Awards 2018

The issuers, borrowers and mediators of the most innovative and outstanding debt capital market deals on the continent to be lauded at the prestigious awards ceremony.

BBH: Frontier Sovereign Rating Model for Q1 2018

BBH produced the following ratings model to assess relative sovereign risk in Frontier Markets. A country’s score directly reflects its creditworthiness and underlying ability to service its external debt obligations.

Standardisation and Harmonisation Will Propel the Sukuk Market Forward

Almost 20 years ago, global fixed income investors scarcely heard of the word ‘sukuk’, let alone understood the asset’s unique structural features or benefits. Much has changed since, with the global sukuk issuance topping USD74.8bn at the end of 2016. But with the asset class’ impressive growth being hamstrung by liquidity shortages and a lack of global standards, the development and proliferation of those standards – and a protracted effort on behalf of market makers to harmonise those standards – is needed to help take the market to the next level.

As Chile Elects a Conservative, is Latin America Cooling on Populism?

Chilean politics is often seen as a bellwether for deeper shifts occurring across the continent’s political scene. The recent election of the “old new” president Sebastián Piñera is in line with the apparent swing to the right seen in recent years – but, more importantly, indicates that politics in Latin America is becoming more nuanced, predictable and mature.

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

Emerging Market FX ended Friday on a mixed note, as risk assets recovered a bit from broad-based selling pressures. Best Emerging Market performers on the week were ZAR, PHP, and CNY while the worst were COP, RUB, and ARS. Besides the risk-off impulses still reverberating through global markets, we think lower commodity prices are another headwind on EM.

Upturn for Nigeria’s Debt Capital Markets Threated by Election Uncertainty, Rising Oil Price

With fresh forecasts predicting a deceleration in the country’s economic contraction and borrowers making fresh strides in the local credit market, Nigeria is poised to make strong gains in 2018. Transforming those gains into longer-term sustainable growth will depend heavily on the country’s commitment to reforms, but with elections in the offing and oil prices rising, some analysts question its resolve for staying on the reform path.

Emerging Markets and the US Dollar: What the Decline Means for EM Fixed Income

The decline in the Dollar versus Emerging Markets (EM) currencies began two years ago with more room to run, in our view. The unwinding of QE policies in the coming years will continue to weigh on the Dollar, and EM stands to benefit as capital inflows to EM ease important financial constraints. This should unleash stronger domestic demand and eventually more rate hikes than the Fed will deliver.

Mixta Africa CFO Talks Long-Term Liquidity for Nigerian Corporates

The ability for real estate firms to raise long-term liquidity depends on a complex set of interrelated factors – interest rates and pricing, tenor availability, asset liquidity, and the health and sophistication of the mortgage market, to name a few. Benson Ajayi, CFO at Mixta Africa, one of the continent’s leading real estate firms speaks with Bonds & Loans about how the company is navigating these factors to optimise its capital structure.

CASE STUDY: ADNOC Makes Record-Setting Debut with USD3bn Bond

The Abu Dhabi National Oil Company’s (ADNOC) hugely successful debut capital markets transaction, a USD 3bn dual-tranche bond, achieved a number of milestones – it was the largest single-currency corporate issuance in the GCC, one of the largest in the Middle East’s corporate history – and marked the start of a bold new financing strategy at the state-owned oil company.

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM FX ended Friday on a weak note, and capped off a week of softness. We felt that more and more EM policymakers were getting uncomfortable with FX strength and are likely welcome this recent weakening. However, that’s only if their stock and bond markets hold up, which they are (for now). Friday was clearly the dollar’s day to shine. What’s more important is how the markets trade Monday. Do they sell into USD strength as we’ve seen the last several weeks or do they try and extend USD gains?

 

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