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  • The People’s Bank of China (PBoC) unveiled a new benchmark rate for bank loans on Saturday. The loan prime rate (LPR) will replace the current one-year lending rate, which has stood still for four years at 4.35%, as the new benchmark. The move is aimed at making the lending rates more market-based and lowering the funding cost for the real economy, analysts say.
  • Downgrades from two rating agencies crowned a disastrous week for Argentine assets, and there was no relief over the weekend as the finance minister resigned and the country’s likely next president appeared to hint at the possibility of debt restructuring.
  • Emerging markets debt bankers expect spreads to be wider and yields higher when the primary market returns in September. Fears of threats to global growth are likely to overpower central bank guidance and push up borrowing costs.
  • Market participants say that secondary spreads of emerging market loans are compressing as activity draws to a standstill, amid signs of slowing global growth and the threat of trade wars.
  • Ujjivan Small Finance Bank is readying an IPO of up to Rp12bn ($167.9m), having filed a preliminary "red herring" prospectus with India’s securities regulator.
  • Fujian Zhanglong Group Co skirted the market volatility last week to seal a $500m deal on Friday, using up its regulatory offshore quota.