by Amruth Sundarkumar | Feb 13, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of Pakistan were down ~4% after the IMF team held positive talks but stopped short of unlocking its $1.1bn bailout deal. The IMF team said that it welcomed the nation’s commitment to implement policies to safeguard macroeconomic stability and that...
by Amruth Sundarkumar | Feb 13, 2023 | Sovereign Bonds, Sovereigns
Egypt’s dollar bonds have fallen over 5% since the beginning of the month. The sovereign was downgraded recently to B3 from B2 by Moody’s citing “reduced external buffers and shock absorption capacity”. The nation’s forex reserves have fallen 17% to...
by Amruth Sundarkumar | Feb 10, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of Pakistan rallied by over 4% across the curve on reports that the nation struck a deal with the IMF regarding unlocking a $1bn loan tranche under the Extended Fund Facility (EFF). Pakistan’s Secretary of Finance Hamed Sheikh, said that “an...
by Amruth Sundarkumar | Feb 8, 2023 | Credit Ratings, Sovereign Bonds, Sovereigns
Egypt was downgraded to B3 from B2 by Moody’s citing “reduced external buffers and shock absorption capacity”. This comes amid a structural change in its economy towards an export and private sector-led growth model under a flexible exchange rate...
by Amruth Sundarkumar | Feb 7, 2023 | Sovereign Bonds, Sovereigns
Dollar bonds of Ecuador dropped by over 10% with its 5.5% 2030s falling over 10 points to 59.93, yielding 19.3%. This comes after partial results from the constitutional referendum showed that voters were planning to reject a series of proposals put forward by...
by Amruth Sundarkumar | Feb 6, 2023 | Credit Ratings, Sovereign Bonds, Sovereigns
Nigeria’s dollar bonds were lower by over 1 point across the curve with S&P revising their outlook on the sovereign to negative from stable. The rating action came on the back of increasing risks to Nigeria’s debt servicing capacity over the next 1-2...
