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Emerging Sovereign Debt Markets NEWS Table of Contents Click the links below for more info: >> PDM Network >> Emerging Markets Weekly Newsletter >> Bimonthly Newsletter Emerging Sovereign Debt Markets NEWS Number 10 Week 29 February – 6 March 2020 Table of contents Moody's cuts Oman's rating by a notch to 'Ba2' ......................................................... 9 ASIA ................................................................... 3 Saudi Arabia ................................................ 10 GCC Gulf Cooperation Council ........................ 3 Saudi economy grew 0.3% in 2019, below Gulf's two largest economies follow Fed expectations ........................................... 10 rate cuts on coronavirus concerns ............ 3 South Korea ................................................. 10 Bahrain .......................................................... 3 S. Korea unveils $9.8 bln stimulus to fight Bahrain central bank urges banks to ease coronavirus............................................. 10 debt terms, fees due to coronavirus ......... 3 Treasury yields-downfall S. Korean bond China ............................................................. 3 yields tumble on Fed's rate cut ............... 10 China's local gov't bond issuance slows, Thailand ...................................................... 11 pace to quicken ........................................ 3 Thailand outlines $3.2 bln stimulus to Chinese local govt-backed bonds in favour alleviate coronavirus impact ................... 11 even as virus hits their coffers.................. 4 EUROPE ............................................................ 11 Foreign holdings of Chinese bonds hit record, boosted by index entry, sliding Albania/North Macedonia ............................ 11 yields ........................................................ 4 Albania, North Macedonia ready for EU China finance ministry to auction 37 bln membership talks ................................... 11 yuan 30-year bonds on March 13 .............. 5 Belarus ........................................................ 12 India .............................................................. 5 Belarus postpones Eurobond issue while Coronavirus fall to have minimal impact coronavirus affects markets ................... 12 on India's GDP: Report ............................. 5 Bosnia ......................................................... 12 India Bonds Post Best Week in 8 Months Bosnian region raises $12.3 mln via 6-mo on MPC Policy Easing Bets ........................ 6 T-bills at flat yield ................................... 12 Fitch Says Indian Government Takeover Bulgaria ....................................................... 12 of Yes Bank Highlights Systemic Risks ...... 6 Bulgaria's gross foreign debt rises 2.9% Indonesia ...................................................... 6 to 34.1 mln euro at end-2019 ................. 12 Indonesia raises 17.5 trln rph from debt Bulgaria's economy grows by 3.4% in auction ..................................................... 6 2019 ....................................................... 12 Indonesia c. bank has "many Czech Republic ............................................ 12 instruments" to support growth amid virus spread .............................................. 7 Czech central bank says Q4 GDP data confirmed marked slowdown .................. 12 Indonesia's forex reserves drop to $130.4 bln at end-Feb .......................................... 7 Estonia ........................................................ 13 S&P Says Estonia Outlook Revised To Lebanon ......................................................... 8 Positive on Strong Economic Growth and Lebanon must cooperate with IMF to External Performance; 'AA-/A-1+' Ratings secure funds ............................................. 8 Affirmed ................................................. 13 Lebanese central bank tells dealers not to Hungary ....................................................... 13 exceed official forex rate more than 30% . 8 Hungary central bank accepts 228 mln Lebanon on verge of debt default, barring euros worth of bids for liquidity swaps ... 13 last-minute deal ....................................... 8 Hungary central banker sees no Oman ............................................................. 9 coronavirus impact on monetary policy .. 13 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 Kosovo ......................................................... 14 Brazil central bank to intervene in FX swaps market on Thursday ..................... 20 Kosovo to sell 30 mln euro of 3-yr T-notes on March 10 ............................................ 14 Brazil's low growth 'not normal,' keeps Treasury secretary from sleeping soundly20 Moldova ....................................................... 14 Moldova central bank officials detained Colombia ..................................................... 20 over $1 bln fraud .................................... 14 Colombia's current account deficit grew to 4.3% of GDP in 2019 .............................. 20 Montenegro ................................................. 14 Moody's Changes Outlook on Costa Rica .................................................... 21 Montenegro's Rating to Stable from Costa Rica's debt plans will illuminate Positive ................................................... 14 Latin America risk appetite ..................... 21 North Macedonia.......................................... 14 Mexico ......................................................... 21 North Macedonia sells 8.1 bln denars Mexico to speed up spending, spur private (129.7 mln euro) of govt paper .............. 14 investment to counter coronavirus shock21 Poland ......................................................... 15 AFRICA ............................................................. 22 Poland's state budget surplus was 3.4 bln Angola ......................................................... 22 zlotys in January ..................................... 15 Fitch Says Downgrades Angola to 'B-' Romania ...................................................... 15 Outlook Stable ........................................ 22 Romanian macroeconomic indicators and Cape Verde .................................................. 22 interest rate forecasts ............................ 15 S&P Says Cape Verde 'B/B' Ratings Slovakia ....................................................... 15 Affirmed, Outlook Stable ........................ 22 Slovakia to offer 2030, 2031 bonds in Kenya .......................................................... 22 March...................................................... 15 Kenya's central bank to buy $100 mln per Slovenia ....................................................... 15 month to boost reserves ......................... 22 Slovenia reduces public debt to 66.4% of Mali ............................................................. 23 GDP in 2019 ............................................ 15 Moody's Says Mali's Credit Profile Turkey ......................................................... 16 Balances Robust Growth and Prudent Turkish Feb cash balance deficit $8.97 Fiscal Policy Against Weak Institutions .. 23 billion ..................................................... 16 Nigeria ......................................................... 23 Turkey and other emerging markets face Nigeria's Senate approves Buhari's $22.7 coronavirus rating pressure .................... 16 billion loan request ................................. 23 Ukraine ........................................................ 16 South Africa ................................................. 23 IMF made "very good progress" in S. Africa's current account deficit narrows discussions in Ukraine ............................ 16 to lowest in nearly a decade ................... 23 Government Debt in January 2020: The Moody's cuts South Africa's 2020 GDP lowest borrowing rate in Ukraine's history17 growth forecast after coronavirus .......... 24 Fitch Affirms Ukraine at 'B'; Outlook Sudan .......................................................... 24 Positive ................................................... 17 Sudan says needs foreign currency for LATIN AMERICA AND CARIBBEAN .................... 17 strategic commodities despite Gulf aid ... 24 Argentina ..................................................... 17 GLOBAL ............................................................ 24 Investors fear IMF negotiations will let World Bank plans financial and technical Argentina off the fiscal hook ................... 17 aid package to help with coronavirus ..... 24 Argentina issues 35.438 bln pesos in 2020 IMF chief says virus spread will hold 2020 debt ........................................................ 18 global growth below last year ................ 25 IMF says Argentine talks 'productive' as Moody's Says Coronavirus Will Hurt visit ends; but details scarce .................. 18 Economic Growth in Many Countries through First Half Of 2020 ...................... 25 Barbados ..................................................... 19 Central Bank of Barbados - The Impact of EMERGING MARKETS ........................................ 25 the Debt Restructuring ........................... 19 Emerging markets hit by $25 bln outflow since mid-Feb as Fed fails to stem virus Brazil ..........................................................
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