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Currencies

19 Dec 2018   Russia & CIS, Deals, Currencies, Policy

Credit Bank of Moscow VP on Corporate Lending, Sanctions and De-Dollarisation

Eric de Beauchamp, Senior Vice President at Credit Bank of Moscow, admits fear of additional sanctions – more so than existing measures – is weighing on the minds of investors when it comes to Russia. But shrewd management and strong communications allowed CBOM to avoid the fate of numerous large lenders that fell victim of the Central Bank’s cleanup of the sector in 2017, becoming one of the most successful private banks in the country.

CASE STUDY: RusHydro Prints Debut CHY1.5bn Dim Sum Tranche in a Tough Market

RusHydro issued the first Russian corporate Renminbi denominated Eurobond via a dual-currency dual tranche deal against the backdrop of a fairly subdued Russian debt capital market, following up on a three-year RUB20mn 7.4% issuance last February.

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

Global growth concerns are likely to keep EM on its back foot. China and the eurozone reported weak economic data Friday, and even a much stronger than expected US retail sales report was not enough to turn market sentiment.

Russian Exporters Revive Prepayment Financing Schemes as New Sanctions Loom

The long-forgotten instrument is back in the market as commodity exporters are stuck between sanctions-related forced “de-dollarisation” of the Russian economy and their internal requirements for hard-currency funding.

Brown Brothers Harriman: EM FX Model For Q4 2018

Win Thin, the Global Head of Emerging Markets at Brown Brothers Harriman & Co, with the latest analysis and outlook for EM currencies in Q4 2018.

Quick Take: Burcu Geris, Vice President and CFO, TAV Airports on the Markets, Treasury Objectives

Bonds & Loans speaks with Burcu Geris, Vice President and CFO, TAV Airports Holding about the company’s funding objectives and how markets are influencing the company’s approach to fundraising.

Off the Record: Argentina Riding out the Storm

It has been a difficult year for Argentina. With inflation climbing above 40%, the ARS losing over half of its value against the US dollar, and lingering fears remaining following the Notebook scandal, investor confidence has been heavily dampened. But a reform-minded government, coupled with multilateral support, has created a sense that Argentina’s numerous structural deficiencies are beginning to be addressed, according to investors, corporate chiefs and DCM bankers on the ground in Buenos Aires.

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM FX has come under renewed pressure as the dollar staged a broad-based recovery after the FOMC meeting. Data this week is likely to show continued robustness in the US economy, cementing a December hike by the Fed. Elsewhere, concerns about China, Italy, and Brexit are likely to weigh on market sentiment. We remain negative on EM.

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

EM FX got some traction last week as the dollar rally stalled. Still, event risk remains high in many EM countries, notably Brazil, Mexico, South Africa, and Turkey. The FOMC meeting this week is widely expected to see no actions, but the Fed should signal that a December hike is on track. As it is, US yields are marching higher again. We believe the global backdrop for EM remains negative.

Will Weaker Currencies Help or Hinder EMs? It Depends

With an increasing number of column inches being devoted to the currency rout wreaking havoc on emerging markets, economists and investors suggest looking more closely at the interplay between bond yields, inflation dynamics and real effective exchange rates (REER) provide a better gage of which economies will struggle – and which might thrive – in the current environment.

 

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