Emerging Sovereign Debt Markets NEWS Table of Contents
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Click the links below for more info: >> PDM Network >> Emerging Markets Weekly Newsletter >> Bimonthly Newsletter Emerging Sovereign Debt Markets NEWS Number 22 Week 26 May – 1 June 2018 Table of contents ASIA ................................................................... 2 Pakistan ...................................................... 11 Bahrain .......................................................... 2 Pakistan seeks economic lifeline with fresh China loans .................................... 11 Bahrain must reform state finances urgently, IMF official says......................... 2 Philippines ................................................... 12 Hong Kong ..................................................... 3 Philippines plans to sell $2 bln samurai, dollar bonds ............................................ 12 Hong Kong posts HK$5.1 bln fiscal deficit for April .................................................... 3 Saudi Arabia ................................................ 12 India .............................................................. 3 Saudi finance ministry sells 3.95 bln riyals of domestic sukuk .................................. 12 India's 2017/18 fiscal deficit at 3.5 pct of GDP .......................................................... 3 Saudi central bank reserves rise sharply on back of high oil prices ........................ 12 India Bond Traders Don't Rule Out Devolvement At Today's Debt Sale ........... 3 Sri Lanka ..................................................... 13 India Stocks, Rupee, Bonds, Swap, Call At CDB snares sovereign mandate with Midday ...................................................... 3 aggressive terms .................................... 13 Indonesia ...................................................... 4 EUROPE ............................................................ 13 Indonesia bids to tame market contagion Albania ........................................................ 13 as bets on a rate hike soar ........................ 4 Albania to sell 3.0 bln leks (23.5 mln Indonesia sells 4.36 trln rupiah of Islamic euro) of 7-yr T-notes .............................. 13 bonds, above target .................................. 5 Bulgaria ....................................................... 14 Indonesia's 2017 audited budget deficit Bulgaria's gross foreign debt falls 2.3% was 2.51 pct of GDP .................................. 5 y/y in March ........................................... 14 S&P Affirmed Indonesia’s Sovereign Bulgaria expects budget surplus at 1.4 Credit Rating at BBB-/Stable Outlook percent of GDP in May ............................ 14 (Investment Grade) .................................. 5 Croatia ......................................................... 14 Jordan ........................................................... 6 Croatia sells fewer T-bills than planned, Thousands of Jordanians strike against yield flat ................................................. 14 IMF-driven tax rises ................................. 6 Croatia's borrowing focus this year on Lebanon ......................................................... 6 local market ............................................ 14 Lebanon's Hariri upbeat after gov't talks, Kosovo......................................................... 15 rivalries surface ........................................ 6 Kosovo sells 20 mln euro of 5-yr T-notes, Lebanon central bank says sells $3 bln in yield up ................................................... 15 Eurobonds ................................................ 7 Poland ......................................................... 15 Malaysia ........................................................ 8 Rising consumption, inventories drive Malaysia tries crowdfunding to plug Poland's GDP growth above 5 pct ........... 15 ballooning debts ....................................... 8 Romania ...................................................... 15 Malaysia fin min: scrapping GST will create $5 bln hole in budget ..................... 8 Romania to issue 3.64 bln lei (783 mln euro) of domestic debt in June ............... 15 Malaysia vows to meet deficit target, plug $5 bln tax hole .......................................... 8 Russia .......................................................... 16 Saving The Country From The RM1 Trillion Foreigners' share in Russian OFZ bonds declines to 31 pct-central bank............... 16 Debt .......................................................... 9 PDM Network Weekly Newsletter on Emerging Markets For information, contact the PDM Network Secretariat at: [email protected] Follow us on Twitter @pdmnet and on our website wwwpublicdebtnet.org 1 Slovakia ....................................................... 16 Inflation-stricken Venezuela postpones currency overhaul ................................... 20 Slovak end-May budget deficit at EUR 725.2 mln ............................................... 16 S&P Says Venezuela 'CCC-' Local Currency Rating Off CreditWatch Negative And Slovenia ....................................................... 16 Affirmed ................................................. 21 Slovenia Jan-April tax income up, budget AFRICA ............................................................. 21 in surplus ................................................ 16 African finance leaders to debate China's Turkey ......................................................... 16 yuan as a reserve currency ..................... 21 Fitch Says Turkey's Cities Face Pressure On Debt From Lira Slump ........................ 16 Egypt ........................................................... 22 Foreigners sell $1.15 bln of Turkish bonds Egypt's foreign debt rises to $82.9 billion as of end Dec .......................................... 22 and stocks May 1-25 ............................... 17 LATIN AMERICA AND CARIBBEAN .................... 17 Kenya .......................................................... 22 Kenya finance bill would emasculate Argentina ..................................................... 17 central bank ........................................... 22 Fitch Says Rate Hike Adds To Argentinian Local Debt Risks ..................................... 17 Malawi ......................................................... 23 Argentina's Macri vetoes bill freezing Malawi’s domestic debt to more than quadruple in next fiscal year .................. 23 utility prices............................................ 17 South Africa ................................................. 23 Barbados ..................................................... 18 IMF Executive Board Concludes 2017 S&P reprieve supports resurgence in South African bonds ............................... 23 Article IV Consultation with Barbados .... 18 South Africa's April budget deficit widens Ecuador ....................................................... 19 year-on-year ........................................... 24 Ecuador seen issuing debt in coming months ................................................... 19 Tunisia ......................................................... 24 S&P Says Ecuador Ratings Affirmed At 'B- Fitch Revises Tunisia's Outlook to Negative; Affirms at 'B+' ........................ 24 /B' Outlook Remains Stable .................... 19 Tunisia committed to economic reforms Puerto Rico .................................................. 20 needed for loans ..................................... 26 Puerto Rico deaths will take toll on debt GLOBAL ............................................................ 26 talks ....................................................... 20 Global funds cut stocks to 9-mth lows in Venezuela .................................................... 20 turbulent May ......................................... 26 Please note: The information contained herein is selected by the PDM Network Secretariat from and is provided as a service to Subscribers. is considered to be a reliable source. However, the Secretariat cannot guarantee the accuracy of information reported and is not responsible for any opinions expressed and data enclosed. will stagnate and economic growth will slow, Joshi said, noting that public debt increased to ASIA 89 percent of GDP last year and foreign reserves were low, covering only 1.5 months of non-oil imports. Bahrain The cost of insuring Bahrain's sovereign debt against default jumped near multi-year highs Bahrain must reform state finances this month because of investors' concern over the country's debt burden as U.S. interest urgently, IMF official says rates rise. 31-May-2018 "Fiscal consolidation would support the peg to DUBAI, May 31 (Reuters) - Bahrain must the U.S. dollar, which continues to provide a urgently reform its finances to cut a large clear and credible policy anchor," Joshi said. state budget deficit and support its currency, He added that Bahrain should, for example, a senior International Monetary Fund official consider revising its subsidy system to make it said after annual consultations with the more efficient while curbing a large public sector government. wage bill. Fiscal steps which the government has already However, Bahrain's financial sector is stable, announced would cut the deficit to 11 percent of thanks to big capital buffers, and GDP is gross domestic product in 2018 from 14 percent expected to grow 3.2 percent in 2018 on the last year and around 18 percent in 2016, Bikas back of a recovery in oil production, Joshi, who led an IMF mission to Manama,