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22 Sep 2017   Africa, Macro, Policy

Markets Tense Up as Justice Rules Kenyan Election Void

The Supreme Court decision to invalidate the results of Kenya's 8 August election has been hailed as an impressive victory for democracy in Africa. But as the candidates gear up for a new poll, risks of potential public discontent and even a constitutional crisis pose difficult questions for regulators and the markets alike.

Exchanges Play a Crucial Role in Developing the Sustainable Finance Market

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.

Banking Sector Jitters Put a Squeeze on Interbank Lending in Russia

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.

Investors Eye Zambian Reforms as Lungu Faces Crucial Test

Rising tensions between the Zambian government, led by President Edgar Lungu, and opposition leader Hakainde Hichilema, have done little to deter investors who are closely watching the country as it looks to clinch a critical IMF funding programme. They should not be so quick to dismiss the recent escalation that led to Hichilema's arrest and its implications for governance in the Sub-Saharan African country.

The Idea of Pension Reform in the GCC Needs to Come out of Retirement

Despite depressed oil prices and a broader economic slowdown which has led to record unemployment in the GCC, the topic of pension reform has garnered shockingly little attention. Whether considered from the perspective of taking better care of a rapidly ageing population, or further – some would argue, much needed – development of the region’s asset management sector, it’s an idea whose time has come.

Green Bonds: The Next Wave in the Middle East

The rapid growth of green finance has sparked interest from many audiences. The use of bonds to finance green projects have become an exciting market development, with demand from investors consistently outstripping supply. Across the globe, borrowers and investors are keen to engage in sustainable financing opportunities and we have seen increasing activities in Asia, paving the way for the markets in the Middle East to take off.

The Existential Crisis of AT1 Capital in MENA

Last year saw record levels of capital markets activity in the Middle East. Banks were no exception and joined the frenzy, and, with Basel III requirements slowly coming into force, issued ample Additional Tier 1 (AT1) instruments to boost their capital ratios. But bankers and investors are anticipating a plateau in both supply and demand – though largely for different reasons.

Negative rates and Emerging Markets: is the rally sustainable?

Negative or flat interest rates have been a key driver behind the strong performance of emerging market assets across the board as yield hungry investors continue their search for higher returns. But are price distortions in developed markets and an indiscriminate influx of liquidity in emerging market credit really sustainable?

Top Dealmaker: Hulusi Horozoglu, HSBC

This was a pivotal year for Turkey, with the country experiencing unprecedented political and currency volatility against a broader backdrop of challenged global growth since late 2015. Hulusi Horozoğlu, Managing Director, Head of Wholesale Banking, Turkey at HSBC talks to Bonds & Loans about how these challenges are impacting Turkish credit markets and the wider economy, and how the bank is looking to differentiate itself among its peers.

Analysis: The Worst is Past for Brazil’s Credit Cycle

As economic and political conditions begin to improve, Brazil’s economy still faces many challenges. But as Vernon H. Budinger, CEO of Latin America Structured Finance Advisors, argues in his analysis, the 2015/2016 credit crisis has peaked and now might be the perfect time to invest in Brazilian credit.

 

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