EM hard currency sovereign bond issuance dropped to US$8.2bn in July, a fall of 60% compared to June, bringing total issuance YTD to US$131.7bn, based on our calculations using data from Bond Radar. For the year so far, 70% of issuance has been IG an...

We reiterate Hold across the curve with eurobonds accurately pricing government’s proposals, but downside risks abound. Read the full report here. Today, Ukraine’s parliament approved President Zelensky’s nomination for NBU governor, Mr Kyrylo Shevch...

We think the situation at the National Bank of Ukraine (NBU) is serious. The circumstances around the recent resignation of Ukraine’s central bank governor Yakiv Smolii on 1 July, together with other events, reveal a growing threat to the independenc...

For manufacturing activities not easily replaced by automation or 3D printing, which countries win share from China? Low wages and scale matter most in this segment: We plot wage curve up to China in countries with over 40mn population. Labour flexib...

EM hard currency sovereign bond issuance was US$20.8bn in June, a rise of 11% compared to May, bringing total issuance YTD to US$123.5bn, based on our calculations using data from Bond Radar. For Q2 20 as a whole, nearly three quarters has been IG, n...

Fiscal deficits for emerging market economies and low-income developing countries (LIDC) are expected to run at 10.6% and 6.1% of GDP, respectively, in 2020. Mexico’s deficit is lower at 6.0% of GDP but the deep recession means that it will join the...