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Emerging Markets

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  • Turk Eximbank has taken to the road for a non-deal roadshow in London, meeting with international investors to discuss the institution’s credit, alongside three other emerging markets borrowers.
  • The US Federal Open Market Committee (FOMC) provided little in the way of encouragement for emerging markets at its meeting on Wednesday, delivering a 25bp hike to the Fed Funds Rate, meaning the wind will keep blowing firmly against emerging markets. Lewis McLellan reports.
  • Investors, bankers and traders have lined up to pour scorn on Ghana finance minister Ken Ofori-Atta’s expectations that the country will issue $5bn-$10bn of century bonds before the end of the year, the first part of a plan to sell $50bn of such bonds.
  • African private placements are expected to rise in the coming months as issuers eschew the high prices of public bonds after the emerging markets sell-off over the summer.
  • Gulf International Bank (GIB) has picked banks for a five year dollar benchmark, joining the stream of high quality issuance from Middle Eastern borrowers.
  • There is not enough flash in the markets anymore. After a whole generation of Silicon Valley geniuses made billions while dressed like stoned teenagers, style and panache seem to have taken a back seat. Thank heavens for the old guard.