by Amruth Sundarkumar | Mar 1, 2023 | Sovereign Bonds, Sovereigns
Egypt’s dollar bonds fell by over 3% across the curve. Bloomberg reports that the cost of insuring Egypt’s debt against default using CDS rose from 879bp to 1,052bp, the highest this year. Egypt’s dollar bonds had been steadily declining over the course of...
by Amruth Sundarkumar | Mar 1, 2023 | Sovereign Bonds, Sovereigns
Pakistan was downgraded to Caa3 form Caa1 by Moody’s citing “increasingly fragile liquidity” and an external position that “significantly raises default risks”. Moody’s cited Pakistan’s sharp drop in forex reserves as one of...
by Amruth Sundarkumar | Feb 28, 2023 | Sovereign Bonds, Sovereigns
Nigeria’s dollar bonds were higher by over 2% across the curve after the ruling-party candidate Bola Tinubu took an early lead in the presidential election tally. This was considered a positive news for the market as Tinubu is set to make reforms to pull Nigeria...
by Amruth Sundarkumar | Feb 22, 2023 | Credit Ratings, Sovereign Bonds, Sovereigns
Ghana was downgraded to RD (Restricted Default) from C by Fitch. It also downgraded the rating of the country’s $1bn dollar bond due January 2026 to D from C and withdrew its rating due to a default on its coupons. Besides the default, Fitch said that the...
by Amruth Sundarkumar | Feb 15, 2023 | Sovereign Bonds, Sovereigns
Pakistan was downgraded to CCC- from CCC+ by Fitch. This comes on the back on the nation’s worsening liquidity and policy risks amid the rapid decline in FX reserves. Its net FX reserves at the State Bank of Pakistan were about $2.9bn on February 3. This amount...
by Amruth Sundarkumar | Feb 15, 2023 | Sovereign Bonds, Sovereigns
Offshore bonds of BCT, the Central Bank of Tunisia rallied by over 5% as IMF Managing Director Kristalina Georgieva said that Tunisia has made “very good progress” on steps needed to approach the IMF’s approval of a loan program. Specifically, she...
