Click the links below for more info: >> PDM Network >> Emerging Markets Weekly Newsletter >> Bimonthly Newsletter Emerging Sovereign Debt Markets NEWS Number 17 Week 18 – 24 April 2020 Table of contents ASIA ................................................................... 3 Macao .......................................................... 12 GCC Gulf Cooperation Council ........................ 3 Fitch Affirms Macao's 'AA' Ratings, Maintains Negative Outlook ...................... 12 Gulf sovereigns raise expensive debt .......... 3 Qatar ........................................................... 14 Bahrain .......................................................... 4 Qatar's emir says to make economy less Bahrain raised $1 billion loan to repay bond vulnerable to oil prices volatility ............... 14 last month ................................................... 4 Saudi Arabia ................................................ 14 Bahrain to cut government agencies' spending by 30% amid coronavirus ............ 4 Saudi banks get small part of $7 bln bond sale amid liquidity concerns ...................... 14 China ............................................................. 4 Saudi Arabia raises 5.55 bln riyals in local China to allocate another 1-trln-yuan local sukuk ........................................................ 15 gov't bond quota ......................................... 4 South Korea ................................................. 15 Hong Kong ..................................................... 5 S&P Says Republic Of Korea 'Aa/A-1+' Fitch Downgrades Hong Kong to 'AA-' from Ratings Affirmed; Outlook Stable .............. 15 'AA'; Outlook Stable .................................... 5 South Korea plans third extra budget, bond India .............................................................. 7 issuance to safeguard jobs ........................ 15 First sovereign gold bond of FY21 opens on Sri Lanka ..................................................... 16 Monday; should you buy? ............................ 7 Fitch Downgrades Sri Lanka to 'B-'; Outlook Sovereign gold bonds trading at a discount Negative ................................................... 16 on exchange ................................................ 8 Thailand ...................................................... 18 India Bonds Seen Little Changed As Fiscal Stimulus Package Eyed ............................... 8 Thailand approves $3 bln in relief measures to ease virus impact .................................. 18 India central bank special operation leaves traders wary, but bonds rally ...................... 9 Moody's changes Thailand's Rating Outlook to Stable from Positive Affirms BAA1 Indonesia ...................................................... 9 Ratings...................................................... 18 Indonesia central bank makes first direct Thailand to borrow $18.6 bln this fiscal government bond buys................................ 9 year for anti-coronavirus effort ................. 19 Israel ........................................................... 10 United Arab Emirates ................................... 19 New Israel government to approve 2020- Abu Dhabi issues US$7 billion in multi- 2021 budget in 90 days ............................. 10 tranche bonds ........................................... 19 Fitch Affirms Israel at 'A+' With a Stable Uzbekistan ................................................... 20 Outlook ..................................................... 11 Uzbekistan increases emergency borrowing Israel's economy likely to contract 5.4% in plan to $1.6 bln ......................................... 20 2020.......................................................... 11 Uzbekistan says could receive over $3 bln Jordan ......................................................... 11 from financial institutions ......................... 20 Moody's Says Credit View of Jordan EUROPE ............................................................ 20 Reflects Credit Challenges Posed by High Debt Levels, External Vulnerabilities, Rising Andorra ....................................................... 20 Domestic Social Pressures ........................ 11 S&P Says Andorra Outlook Revised to Lebanon ....................................................... 11 Stable from Positive as Covid-19 Causes Deficits to Spike ........................................ 20 IMF urges Lebanon to enact crisis plan that rebuilds confidence ................................... 11 Armenia ....................................................... 20 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 Armenia economy likely to shrink 2% in Argentina..................................................... 31 2020.......................................................... 20 Argentina creditor group rejects $41.5 bln Bosnia ......................................................... 21 debt revamp plan ...................................... 31 IMF to consider negotiating new, multiyear Argentina creditors refuse to tango on debt funding deal with Bosnia ........................... 21 restructuring proposal .............................. 31 Bulgaria ....................................................... 21 Argentina issues dollar-denominated notes as biggest province readies its own debt Bulgaria picks lead managers for global offer .......................................................... 32 bond sale .................................................. 21 Bulgaria secures 2 bln euro swap line from Argentina, slipping towards default, faces $500 million trip wire ................................ 33 ECB ........................................................... 22 Fitch Revises Bulgaria's Outlook to Stable; Argentina's Buenos Aires seeks three-year grace period, capital cut in debt revamp ... 34 Affirms at 'BBB' ......................................... 22 IMF says continuing "very productive" Croatia ......................................................... 22 engagement with Argentina ...................... 34 Croatia posts 2019 general budget surplus of 0.4% of GDP ......................................... 22 Bolivia ......................................................... 34 S&P Says Bolivia Long-Term Ratings Czech Republic ............................................ 22 Lowered to 'B+' on Weaker External Czech government approves adjusted 2020 Position; Outlook Stable ............................ 34 budget, deficit at CZK 300 bln ................... 22 Brazil ........................................................... 35 Czech government loosens record deficit to Brazil central bank could cut rates by 100 fight coronavirus ....................................... 23 bps at May meeting, says Barclays ............ 35 Georgia ........................................................ 23 Brazil posts $868 mln current account IMF sees 4% growth in Georgia in 2021, surplus in March........................................ 35 ready to help with funds ........................... 23 Brazil forecasts $1.5 bln foreign direct Fitch Revises Georgia's Outlook to investment in April .................................... 35 Negative; Affirms at 'BB' ........................... 24 Colombia ..................................................... 35 Hungary ....................................................... 24 Fitch Ratings: Colombia's New Deficit Hungary to boost bond issuance as budget Target Highlights Scale of Coronavirus deficit grows ............................................. 24 Shock ........................................................ 35 Moldova ....................................................... 24 Ecuador ....................................................... 36 IMF approves $235 mln in coronavirus Ecuador gets reprieve after investors agree emergency assistance to Moldova ............. 24 to bond consent ........................................ 36 Romania ...................................................... 25 Fitch Downgrades Ecuador to 'RD' ............ 36 Fitch revises Romania's outlook to negative Ecuador gets reprieve as investors agree to from stable, affirms at 'BBB-' .................... 25 bond consent ............................................ 37 Russia .......................................................... 27 El Salvador .................................................. 37 Russia to raise as much debt for budget as S&P Says El Salvador 'B-/B' Ratings possible but not at every price .................. 27 Affirmed .................................................... 37 Russia may need to borrow more than $20 Guatemala ................................................... 37 bln in additional funds .............................. 28 Guatemala draws robust demand on new Russian central bank ready to relax terms social bond ................................................ 37 for banks to buy state debt ....................... 28 Mexico ......................................................... 38 Slovakia ....................................................... 29 Mexico carries out domestic bond swap Slovak public debt to rise to around worth 9.5 bln pesos .................................. 38 60%/GDP due to coronavirus ................... 29 Nicaragua .................................................... 38 Slovak budget deficit seen over 5%/GDP in S&P Says Nicaragua 'B-/B'