NDB to lend US$1.5bn to South Africa – Standard Bank of South Africa to issue its first international bond in a decade – Lagos state issued a NGN85.1bn dual-tranche bond – Kenya to float T-bills – Eximbank USA gives Cameroon a CFA26bn loan –Ghana to cut spending in 2017 – Angola gets downgraded – Gabon places a US$200mn Eurobond – Moody’s slashed Tunisia’s credit rating
Stock exchanges play a crucial role as an intermediary between investors and issuers, but their role in the sustainable finance market – as platform and infrastructure providers, as facilitators of cross-market standards development, and as educators bringing visibility to new asset classes – is so much wider than that. We speak with Robert Scharfe, CEO of the Luxembourg Stock Exchange, a leader in sustainable finance with over half of the world’s green bonds listed on its exchange, on how to attract more investors and borrowers to the market.
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.
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
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.
As the Russian economy slowly stabilizes, ongoing banking sector consolidation has led to an increasing number of lenders losing their licences, putting pressure on the systemically important banks and threatening to halt the recovery.
MUFG has a wealth of expertise in energy and natural resource infrastructure finance, which lends itself quite nicely to understanding how to measure risk in areas ripe for green bonds and similar instruments, and the bank is of course very active in bringing borrowers into the green bond market. We speak with Geraint Thomas, Executive Director at MUFG and leader of the bank’s green capital markets activity to learn more about how EM issuers and investors are finding their way in the green bond market, and the development of new sustainable finance instruments.
CBR keeps rates steady, readies sale of OBR bonds – Nickel production in Russia to remain flat this year – Naftogaz increases compensation demand from Russia by US$5bn – Engie may pull out of Nordstream 2 – Albaraka Turk readies US$400mn issuance – Bank lending in Turkey to rise in 2018
The latest tax regularization program proposed initially by the government of Brazil had merits, but its subsequent disfigurement by Congress – turning it into a kind of “default forgiveness” – is going to aggravate fiscal challenges rather than help solve them.
- Africa Credit Markets Brief: 27 July- 9 August
- Off the Record: Global Investors On Concerns and Opportunities in Emerging Market Debt
- Latin America Credit Markets Brief: 20 July – 2 August
- Forget Scandals, Brazil Risks Derailing Recovery Through Fiscal Mismanagement
- Argentina: EM Urgency to Find Sustained Growth