by Amruth Sundarkumar | May 16, 2023 | Credit Ratings, Sovereign Bonds, Sovereigns
Oman was upgraded to Ba2 from Ba3 by Moody’s citing improvements in its debt burden and debt affordability metrics during 2022. Moody’s noted the improvement was mainly on the back of a large oil and gas revenue windfall. Whilst their fiscal metrics...
by Amruth Sundarkumar | May 15, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of South Africa dropped by ~3% across the curve on Friday but have reversed losses since then. This comes after the US Ambassador to South Africa alleged that the country supplied ammunition to Russia. South Africa has taken a neutral stance on...
by Amruth Sundarkumar | May 15, 2023 | Credit Ratings, Sovereign Bonds, Sovereigns
Kenya was downgraded to B3 from B2 by Moody’s citing an increase in government liquidity risks. The rating agency said that domestic funding conditions have “deteriorated considerably”. With very low net domestic issuance adding to financing...
by Amruth Sundarkumar | May 12, 2023 | Sovereign Bonds, Sovereigns
Turkey’s dollar bonds rallied by over 2-4% after the withdrawal of Muharrem Ince was said to boost the chances of Erdogan’s presidential challenger, Kemal Kilicdaroglu. Muharrem Ince is a prominent politician and a former presidential candidate. His...
by Amruth Sundarkumar | May 8, 2023 | Credit Ratings, Sovereign Bonds
Egypt was downgraded to B from B+ by Fitch with a negative outlook. Fitch attributes the rating action to multiple factors. It cites increased external financing risk given high external financing requirements and constrained external financing conditions. They also...
by Amruth Sundarkumar | May 8, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of Ecuador rallied by 3-5 points on news regarding its debt-for-nature swap bond buyback. Credit Suisse assisted the buyback totaling $1.63bn of bonds at discounted prices. The buyback saw: $202mn of its 5.5% 2030s repurchased at 53.25 cents on the...
