by Amruth Sundarkumar | Jun 27, 2022 | Sovereign Bonds, Sovereigns
Chinese state banks have pledged $2.3bn to the State Bank of Pakistan to save the country from potentially defaulting on its outstanding international debt, amid declining confidence in its repayment ability. According to FT, the Chinese loan will help increase...
by Amruth Sundarkumar | Jun 24, 2022 | Sovereign Bonds, Sovereigns
Turkey’s central bank net forex reserves fell from $8.15bn a week ago to $7.38bn, the lowest it has been in 20 years. The dwindling reserves are expected to raise investors’ concerns over the country’s ability to service its sovereign debt. Reuters notes...
by Amruth Sundarkumar | Jun 23, 2022 | Sovereign Bonds, Sovereigns
Argentina’s sovereign bonds dropped to record lows, continuing its 2 week descent. Their dollar bonds due 2030 have slipped to ~23.5 cents on the dollar, the lowest since its issuance two years ago. Based on a JPMorgan index, spreads over the US Treasury yields have...
by Amruth Sundarkumar | Jun 20, 2022 | Sovereign Bonds, Sovereigns
Ecuador’s dollar bonds have fallen over 10-12% in the past week as protests by indigenous groups have erupted. In 2020, the country defaulted on debt and faced a similar political chaos. These groups are demanding more energy subsidies and price controls of basic...
by Amruth Sundarkumar | Jun 17, 2022 | Sovereign Bonds, Sovereigns
Pakistan hiked fuel prices by 29% in an effort to control the fiscal deficit and reduce fuel subsidies to be able to secure an IMF package. Since May, the government has increased fuel prices three times including the latest one where petrol prices rose by PKR...
by Amruth Sundarkumar | Jun 16, 2022 | Sovereign Bonds, Sovereigns
Dollar bonds of Bahamas bond fell over 7-10% on Thursday despite its recent oversubscribed bond issuance. Last week, Bahamas issued two tranches of offshore bonds of $385mn, including a $250mn 7Y bond at a yield of 13.5%. It also issued a $200mn bond partially backed...
