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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

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

BBH: EM FX Model for 2Q 2017

Soft US data and delays to fiscal stimulus plans from the Trump administration has led to a rethink of Fed tightening expectations, while lover commodity prices continued to drive down EM currencies through much of the second quarter. Here is BBH’s’ quarterly update on foreign exchange dynamics in emerging markets.

Rating Agencies: Credit Where Credit’s Due

The 2008 subprime mortgage crisis in the US, and the aftershocks sent through global markets for years on, exposed weakness in the banking sector, the capital markets, and the financial system as a whole. Credit rating agencies were not the prime target for blame at the time, but gradually, their role in the crisis has emerged. Ten years on, Bonds & Loans explores some of the failures in the lead-up to the crash and the lessons that have (or have not) been taken from it.

Middle East Credit Markets Brief: May 25 - June 8

GCC states break diplomatic and economic ties with Qatar – Syndicated loans in GCC at 4-year low – Saudi Aramco issues SAR285mn sukuk – NCB issues SAR1.3bn sukuk – ADWEA closes US$872mn funding package – Dana Gas prepares US$700mn sukuk – Qatar Airways secures US$300mn in mezzanine debt – Al Baraka issues maiden US$400mn sukuk – KNPC signs US$6.25bn international loan – Foreign investment in Egyptian securities rises 13% in one week

Latin America Credit Markets Brief: May 26 – June 8

PRI scores a narrow victory in Mexico’s largest state – Brazil: JBS SA has the wind taken out of its sails – Argentina strikes new agreement with credit holdouts – Colombia’s Davivienda reveals big borrowing plans – Chile’s Codelco preps bond issuance – Peru, IFC mull US$2bn green bond issuance – Ecuador hits the international market – Venezuela moves to restructure debt with Russia – Uruguay preps return to the bond market – Bolivia sovereign rating outlook turns negative – Guatemala taps the international market

Investors to Central America: Sometimes Growth is not Enough

Even if Central America’s countries have been leading the way on the growth front in Latin America, they are still far less attractive for investors compared to the region’s South American peers. Reforms will help change that.

Private Placements: an Emerging Latam Trend

Latin American corporates are reaping the benefits of private placements, as yield-starved investors are drawn to region's shores.

Africa Credit Markets Brief

AfDB calls for investment across Africa to close annual US$162bn funding gap – Kenya borrows US$1bn via syndicated loan – Nigeria raises mere NGN100bn in bond sale – Nigeria looking to secure US$5.2bn World Back funding package – Zimbabwe warns South Africa over proposed land reform – Russia’s Rosatom committed to nuclear plant project in South Africa – Senegal issues Eurobond – Saudi Aramco stalls on US$20mn Zambia loan - Zimbabwe secures US$1.7bn loan from Afrexim Bank

Middle East Credit Markets Brief

Saudi Arabia loses market share in the oil sector – Saudi Electricity Co. in talks over sukuk – ACWA makes landmark 22-year trade – Etihad bonds drop on Alitalia news – UAE bankruptcy laws to improve operating environment – Dana Gas in debt restructuring talks – ADCB plans new issue – QNB hits the market, plans to make inroads in KSA – Bahrain feels FX strain – Oman in US$3.6bn loan talks – OETC prices upsized trade – Jordan places another Eurobond – NBK mulls new unsecured notes – Iran struggles to attract foreign investment

 

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