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EM Weekly: Venezuela Finally Biting the Bullet

Emerging Markets Weekly: 05 Nov 2017, 4:53 PM ET - Venezuela's President announced last week that the government will approach external bondholders to restructure the debt. Bahrain asked neighbours for financial assistance. Issuance slowed in dollars, Argentina priced €2.75 bn in euros.

EM Weekly: Rallying But With Pockets of Weakness

Emerging Markets Weekly: 06 Aug 2017, 4:57 PM ET - EM hard currency debt outperformed developed market credit by a decent margin last week. But Teva, GCC sovereigns and Argentina lagged the indices. PDVSA & Venezuela pared some of the losses in recent weeks.
Focused

Venezuela & PDVSA: The End Game Approaches

Emerging Markets Spotlight: 03 Aug 2017, 4:37 AM ET - With Venezuela seemingly nearing an end game in terms of creditors' willingness to continue providing funding, we take a look at the situation and some of the complications ahead. 

EM Weekly: Oil Tumbles, Credit Unfazed, SA Rally

Emerging Markets Weekly: 23 Apr 2017, 4:52 PM ET - Most of EM eked out positive excess returns last week even with oil tumbling. Protests flared up in Venezuela. South African assets bounced back sharply. We have also added trading volume data tables as of this week.

EM Weekly: UST Declines, Erdogan Wins, PDVSA Pays

Emerging Markets Weekly: 16 Apr 2017, 7:00 PM ET - Total returns were strong but excess returns were weak as EM dollar credit couldn’t keep up with the sharp decline in treasury yields. Turkey voted for constitutional changes. PDVSA paid its April maturity. More political risk in Brazil.

EM Weekly: South Africa Widens Beyond Brazil

Emerging Markets Weekly: 09 Apr 2017, 5:51 PM ET - Risk assets rallied sharply last week, taking EM along for the ride. South Africa continued to soften following its move to high yield. The CNB removed the floor with the euro. EM PMI’s continued to indicate stronger growth.

EM Weekly: Underperforming DM On Fed Expectations

Emerging Markets Weekly: 20 Feb 2017, 10:46 PM ET - EM underperformed DM last week, but corporates still managed to generate positive excess returns. PEMEX and Mexican sovereign debt was among the weakest as were LATAM sovereigns more broadly. South African bonds rallied.

EM Weekly: Oil Providing Support Amidst Outflows

Emerging Markets Weekly: 27 Nov 2016, 5:15 PM ET - Last week saw a slight rebound although oil prices fell late Friday. Energy sovs and corps outperformed. Turkey’s rate rise didn’t stop currency weakness. South Africa was put on negative watch. Non-Asian issuance continues to be absent.

EM Weekly: Latin America Takes a Tumble

Emerging Markets Weekly: 30 Oct 2016, 1:37 PM ET - Latin American credits sold off last week to a greater extent than risk assets globally. Venezuelan FX reserves also dropped alongside PDVSAs $1 bn maturity on Friday.
Focused

Venezuela: Close to the Bone Post PDVSA Tender

Worth Watching: 25 Oct 2016, 2:10 AM ET - Venezuela PDVSA has missed its targeted 50% participation for its exchange offer on its 2017 maturities. The company had threatened last week to not tender at anything less than 50% participation. It has agreed to tender 39% of the existing not ..

EM Weekly: Rallying In the Face of Dollar Strength

Emerging Markets Weekly: 09 Oct 2016, 9:47 PM ET - Risk assets rallied and oil prices rose in spite of dollar strength. Energy credits rallied sharply but Colombia and Russia underperformed last week. PDVSA extended the exchange deadline. Argentina brought its first euro debt in six years.

EM Weekly: OPEC Not Enough to Counter Deutsche Vol

Emerging Markets Weekly: 02 Oct 2016, 7:35 PM ET - OPEC's agreement to limit output lifted oil prices, concerns about Deutsche Bank undermined risk appetite and pushed EM spreads wider. Turkey was weakest after its downgrade to HY. Colombia & Venezuela outperformed.

EM Weekly: Mexico Excluded From Relief Rally

Emerging Markets Weekly: 25 Sep 2016, 4:37 PM ET - Higher-beta sectors outperformed after the Fed stayed on hold. Mexico under-performed in both the hard and local currency indices last week. Turkey was downgraded by Moody’s. Venezuela bounced and Russia came to market.

EM Weekly: Duration Takes a Beating

Emerging Markets Weekly: 18 Sep 2016, 9:23 PM ET - Emerging market credit had a tough week. Total returns on sovereign hard currency credit were the weakest since the sell-off in September 2015. PDVSA also published its exchange offer for its 2017 maturities on Friday evening.

Climbing the 2017 Emerging Markets Maturity Wall

EM Themes: 14 Sep 2016, 8:32 PM ET - Given a massive spike in new issuance from 2010 to 2014 the large volume of maturities in EM corporate credit coming due over the next few years is an area increasingly worth looking at, particularly in HY where maturities in 2017 are high.

EM Weekly: Brexit Impact / EM Debt Inflows

Emerging Markets Weekly: 26 Jun 2016, 9:13 PM ET - Emerging markets sold off on Friday alongside global risk, but over the week still managed to generate positive returns. If 2016 ended now, EM debt would be posting its best year since 2012.

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