To view the digital version of this report, please click here. The structural weakening of the dollar and the strengthening of emerging market currencies have set the stage for strong performance by local currency bond funds. Indeed, a look at recent reports from data analysis group EPFR show that in the past twelve months inflows into EM local currency bond funds have far outpaced the amount moved into hard currency and blended funds. The downgrade of the US to AA+ by S&P and the continuing

To view the digital version of this report, please click here. Despite its rapid economic growth, Turkey’s capital markets are struggling to draw foreign inflows. International investors have been deterred by questionable macroeconomic decisions and IPO pricings are perhaps unrealistically high amid the current global volatility. Moves to tackle the nation’s burgeoning deficit and stabilise its currency, as well as a substantial privatisation programme should go a long way towards providing a mo

To view the digital version of this report, please click here. This year has been a bleak period for Russian firms hoping to access equity capital markets. Half of the companies attempting to list have failed. Although firms have looked for a more welcoming listing venue, for most London remains the only option and deep discounts will have to be accepted. A senior banker tells the story of travelling in the Russian wilderness, through a place he had never heard of and stumbling across an unknown

To view the digital version of this report, please click here. The IMF’s role and the financing arrangements enabling it to fulfil that role were expanded at the London Summit in 2009 to meet the increased demands that were being placed on it amid the financial chaos. It was agreed the Fund’s resources should be trebled, from US$250bn to about US$750bn. The representation of dynamic, emerging market economies on the board was also increased. The full package of changes has been phased in over a

To view the digital version of this report, please click here. Total ECM volume in Latin America amounted to US$29.9bn for the year to August 5 with a total of 91 deals, according to Thomson Reuters. Brazil made up 54.3% of the total with 44 transactions. It was followed by Mexico, which accounted for 14.6% of the volume with 10 deals, by Argentina with 14.2% (with eight deals) and Chile with 12.6% (16 deals). However, previously Brazil has accounted for about 80% of the ECM activity in the regi

To view the digital version of this report, please click here. Lenders’ strategies for the Central and Eastern Europe, the Middle East and Africa syndicated loan markets have been cautiously adjusted amid renewed concerns on the economy, fuelled by the US and European debt crisis. Many, however, plan to take advantage of the relative stability in Eastern Europe – notably Russia. Economic balance and commodity strength means Russia is increasingly viewed by international lenders as a safe haven,

To view the digital version of this report, please click here. Telecoms projects in Iraq, local currency bond deals in Latin America, or funding education projects in the Mekong delta are images that come to mind when people think about the World Bank Group or the IFC, its private sector development arm. The Group’s activities in the international financial markets, while noteworthy, are relatively minor. There is, however, one corner of the market where IFC dominates: the fast-growing emerging

To view the digital version of this report, please click here. Watching African capital markets mature is a pastime that requires considerable patience. However, while change may not be as rapid as some would like, there are signs of improvement. “Corporate governance is improving, and the difference is quite striking if you compare it with 10 years ago,” said Clifford Sacks, Africa CEO at Renaissance Capital. “Countries such as Zimbabwe have progressed to the point that Essar had the confidence

To view the digital version of this report, please click here. Dubai became the latest example with a toll road fee-backed deal, and while there is potential for further issuance from the Middle East, hurdles still remain. European issuers have been able to rely on RMBS and auto loan ABS, confident of well-worn paths and proven track records in each specific line, but for the atypical countries of issuance, the situation has proved far more troublesome. But off-the-run secured transactions such

To view the digital version of this report, please click here. John Borthwick, IFC deputy treasurer and head of funding at the IFC, says that after four years of programme increases, the issuer now does the majority of its funding in the handful of markets able to provide cost-efficient volume and duration. ““The funding program has grown from USD2bn to USD10bn and we see it remaining at around that level over the next few years. As a dollar-based institution swapping from Euros doesn’t work for

To view the digital version of this report, please click here. Malaysia accounts for about 65% of all sukuk issues, a market which has grown by leaps and bounds in the past decade with an average annual growth of 15%. Yet, despite these statistics the country suffers from an image of being an insular market with issuance mainly confined to local borrowers and investors. This is expected to change as the government is now actively encouraging foreign issuers to consider selling in sukuk format wh

To view the digital version of this report, please <a href="http://edition.pagesuite-professional.co.uk/Launch.aspx?EID=7f55d406-deb6-41a2-8220-5d94ccd21895" onclick="window.open(this.href);return false;" onkeypress="window.open(this.href);return false;">click here</a>. The financial storm clouds are gathering. A credit downgrade for the US and the continuing uncertainty caused by the eurozone sovereign debt crisis have sent investors scrambling for cove