Emerging Markets / Country Risk
The Emerging Markets team analyses political and economic developments in Asia, Eastern Europe, the Middle East, Africa and Latin America. Our focus is on structural, long-term trends as well as on the importance of emerging markets for global financial markets. As part of Global Risk Analysis we are Deutsche Bank's centre of competence for sovereign risk-related issues.
In focus
African Eurobonds: Will the boom continue?
Against a challenging economic backdrop Eurobond issuance by Sub-Saharan African (SSA) sovereigns has continued in 2015, but yields on primary and secondary markets have increased sharply. Outstanding Eurobonds are widely shielded from the current turmoil by their fixed coupon structure and long maturities, but depreciating currencies, if not reversed, will significantly raise the local currency burden of future repayments. Although the external environment is likely to remain challenging for frontier markets we expect SSA governments to continue to issue Eurobonds, as the drop in commodity prices increases financing needs. Given that local debt markets are still small and illiquid, part of these borrowing needs will be financed through Eurobonds. [more]
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