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26 Jun 2017   Policy, Asia Pacific, Global

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.

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

Is Kenya’s Economic Model Sustainable?

Kenya is a leading engine of growth in East Africa, but analysts are growing increasingly concerned about the country’s ability to keep up the pace as a toxic combination of credit growth-stifling regulations, excessive government borrowing and low revenue generation conspire to threaten its outlook.

GCC Investors on High Alert as Qatar Feels the Heat from Neighbours

As diplomatic dispute between Qatar and its GCC neighbours continues to escalate, both sides are taking a hit amid worsening market sentiment in the region. As investors frantically survey the markets for guidance on next steps, some fundamental disagreements between the region’s powers threaten to prolong the crisis indefinitely.

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.

Does the Fate of Kazakhstan’s Financial System Rest on a Merger?

As the two biggest lenders in Kazakhstan prepare to merge, creating the largest bank in Central Asia, analysts question whether it will be enough to stabilize the country’s troubled financial system.

Brazil: Where Fiscal and Monetary Priorities Need Alignment

The signals sent by the Planalto are that President Temer intends to dig in and fight to preserve his mandate. There is some room for this, politically and economically. Although his situation is difficult, there is no climate of “Down with Temer” in the same way “Down with Dilma” manifested. The probable reason is the gradual recovery of consumer and business confidence. The pattern of net layoffs has been interrupted, and the unemployment rate shows signs of stabilizing much sooner than expected.

Iran’s Banking Sector on Path to Recovery Despite Sanction Challenges

The situation Iran’s banks found themselves in over the past decade, cordoned off the global markets by sanctions, would take a toll on any country’s banking sector. But as relationships with the West begin to warm, Agah Group is paving the way towards reintegration with the global banking system. Bonds and Loans talks to Mahdi Goodarzi, one of the financial group’s board members, about some of the steps being undertaken to modernise the country’s banking sector.

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


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