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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.

The Spectre of Communism Haunts Vietnam’s Credit Market Despite Solid Growth

Vietnam has become one of the most stable and high-performing economies in Asia over the past decade, providing a cheaper alternative for global production and manufacturing giants to the resurgent China. As the country looks to develop and further open its capital markets, unsustainable credit growth and the burden of funding the Party machine could bring a dark twist to this tale of prosperity.

CASE STUDY: YES Bank Double Dips with USD400mn Dual Currency Syndication

YES Bank opened a gateway into the Japanese market with a dual-currency syndication that attracted an unusually high number of Taiwanese lenders.

China’s Funding Options for Belt & Road: Will Emerging Markets Make Hay or Get Shut Out?

Unperturbed by global economic woes, geopolitical tensions and the rise of populism in the West, China is committing itself to the largest infrastructure development project since the Great Wall. But the costs of the grand project are expected to run into hundreds of billions of dollars and, with the Chinese banking sector already over-leveraged, questions arise over its ability to finance projects and the funding alternatives available to it.

A China Resurgence is Good News for Metals

Keith Spence, a long time China outbound investments expert, offers his views on China's effect on metals outlook.

Will the PBOC Reforms Cause More Harm than Good?

As China’s Central Bank rolls out fresh reforms with the purpose of redirecting financing to sectors where credit is usually scarce, some investors question if now is the time to boost borrowing in China.

CEFC Takes Stake in Rosneft as Russia and China Edge Closer

The final piece of the Rosneft-privatization puzzle appeared to fall into place, as initial investors Glencore and QIA agreed to sell the majority of their stake, purchased in December last year, to a little-known Chinese oil company. Yet the wider implications of the deal for the oil market and Sino-Russian ties are still unclear.

As LatAm Boosts China Links, Panda Bond Market Opens New Doors

China has over the years moved to strengthen its ties to Latin America in a range of areas, and a recently proposed free trade agreement between the Asian powerhouse and Mexico could take that one step further – potentially opening up a vast new trade and capital corridor between the two regions.

Have BRICS Been Overshadowed by the Rest of the EM Pack?

Heads of state of the BRICS countries descended upon Xiamen, China earlier this month to discuss how to propel the bloc’s trade and commercial links forward. But with most of the organisation’s leading members knee-deep in political or economic mud, analysts are left wondering whether they have been overshadowed by the rest of the emerging market pack.

 

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