15 Mar 2018 Americas
Tecnoglass, among a select few Colombian non-financial corporates to take the plunge in the international bond markets last year, is looking to consolidate its investments over the past few years. The company’s Chief Financial Officer Santiago Giraldo López tells Bonds & Loans the company will look out for strategic growth opportunities in 2018, but risks still ride high on election uncertainty and a lag in key sectors.
Albaraka Turk extended its reputation as a pioneer in the sukuk market last month, issuing the country’s first Basel III-compliant Additional Tier 1 capital notes – in a Sharia-compliant privately placed, publicly listed format, no less.
In 2011 winds of change swept through MENA, and what followed was a tumultuous period for many African economies in particular. Seven years on, some, like Libya, are still struggling to recover from the turmoil, but others, like Tunisia or Morocco, are revitalized and in many ways emboldened. Indeed, many of their markets have much to show for it.
EM FX ended Friday on a firm note and capped off a mostly firmer week. MXN, KRW, and ZAR were the best performers last week, while CLP, CZK, and PLN were the worst. US jobs data was mixed, with markets focusing on weak average hourly earnings rather than on the strong NFP number. Still, the data did nothing to change market expectations for a 25bp by the FOMC this month.
As Russia re-emerges from the sub-investment grade mire, Ashmore's Head of Research Jan Dehn questions the sensibility of the original downgrade and, more broadly, the approach credit rating agencies take on assessing sovereign risk.
Carnival in 2018 was the most festive in recent years. The streets were full and associations connected with tourism celebrated a marked increase in movement. With fear of the recession receding, consumers are gradually materializing their buying intentions once more.
African borrowers have boosted international borrowing over the past few years, but have investor perceptions of the benefits – and risks – inherent to investing on the continent changed during that period? Bonds & Loans speaks with Union Privatfonds EM Corporate Debt Head Sergey Dergachev about how African assets figure within his fixed income portfolios.
EM FX ended Friday on a mixed note, capping off a largely softer week. Best performers last week for MYR and TWD while the worst were ZAR and ARS. US stocks clawed back early losses and ended the week on a firmer note but we think further market turbulence is likely.
Notwithstanding the impending FOMC meeting and other headwinds, India’s YES Bank powered ahead with the largest debut issuance by an Indian FI that also became first to be listed on the recently established INX.
- Interview with TDB Treasurer: First Islamic bond deal as part of diversification strategy
- CASE STUDY: Credit Bank of Moscow Achieves Tightest Coupon for Russian Private Financial Institution
- Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
- Brazil: The Economics of The Intervention in Rio
- Angola: Next in Line in Africa for an IMF Programme?
9 Mar 2018
8 Mar 2018