{"id":571453,"date":"2020-05-12T04:02:56","date_gmt":"2020-05-12T04:02:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/"},"modified":"2020-05-12T04:02:56","modified_gmt":"2020-05-12T04:02:56","slug":"ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/","title":{"rendered":"EMs turn to local debt markets, burn through FX reserves to weather the covid storm"},"content":{"rendered":"

<\/a> EMs turn to local debt markets, burn through FX reserves to weather the covid storm:<\/strong> Emerging markets are (kind of unexpectedly) not being beaten to a pulp by the current economic crisis \u2014 thanks in large part to their local debt markets, Ashmore global head of research Jan Dehn said in a research note, according to a Wall Street Journal newsletter. The strength of local debt markets has allowed EM central banks to \u201croll out an unprecedented range of conventional and unconventional easing measures that one would ordinarily associate with developed markets.\u201d<\/p>\n

Portfolio inflows into EMs also picked back up last month to reach USD 17.1 bn<\/strong> in what is the first step in a reversal of the record USD 83.2 bn that poured out of EMs in March. And the outlook for EM bonds is also looking fairly good, with analysts expecting FX-denominated sovereign bonds across EMs to rebound with \u201cstrong\u201d returns in tandem with the global economic recovery<\/strong>. The recovery should also get a boost from bond prices across EMs currently sitting \u201csignificantly below long-term averages\u201d for now, but are expected to gradually recover to normal levels, \u201cpresenting a substantial opportunity for investors.\u201d<\/p>\n

EM have already drained USD 240 bn of their reserves since the onset of <\/strong>the crisis:<\/strong> Central banks in large emerging markets have spent USD 240 bn of their reserves over the past two months in an attempt to bolster their currencies and economies, Bank of America analysts wrote in a note on Monday<\/a>. China, Hong Kong, Saudi Arabia, Brazil and Turkey have seen the largest drop in their reserves, while Turkey and Egypt \u2014 which has spent USD 8.5 bn of its USD 45.5 bn pre-covid reserves<\/a> \u2014 showed the biggest percentage declines, the note said.<\/p>\n

\u201cThe drain of reserves is likely to continue, though more slowly<\/strong>, during what looks to be a disappointing recovery in global and EM growth,\u201d EM analyst David Hauner wrote. \u201cAfter an initial bounce in activity after the opening of lockdowns, several factors are likely to restrain the recovery: high debt, corporate defaults, inefficient labour markets, de-globalization and China-US tensions.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

EMs turn to local debt markets, burn through FX reserves to weather the covid storm: Emerging markets are (kind of unexpectedly) not being beaten to a pulp by the current economic crisis \u2014 thanks in large part to their local debt markets, Ashmore global head of research Jan Dehn said in a research note, according […]<\/p>\n","protected":false},"author":1,"featured_media":571454,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[82,7106,115,72,3664,349,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-571453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-bonds","tag-debt","tag-emerging-markets","tag-enterpriseam","tag-frontier-markets","tag-interest-rates","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"157b182a-0454-4072-b593-8170e4b7033c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/5\/124.jpg","photo_position":"above","related_issue":[571429],"teaser":"","voice_url":""},"yoast_head":"\nEMs turn to local debt markets, burn through FX reserves to weather the covid storm - 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That\u2019s the question Capital Economics asks in its latest note (pdf). Despite the Nostradamus undertones of the question and Capital Economics itself estimating that EM debt is leaning closer to USD 13.6 tn, the note\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570535,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/05\/an-emerging-market-credit-crisis-is-looming-in-spite-of-the-feds-repo-facility\/","url_meta":{"origin":571453,"position":3},"title":"An emerging market credit crisis is looming in spite of the Fed\u2019s repo facility","author":"enterpriseam admin","date":"5 April 2020","format":false,"excerpt":"An emerging market credit crisis is looming as an increasing number of countries are struggling to repay their debts amid the economic fallout from covid-19, the Financial Times reports. The scale of the pandemic has triggered widespread funding pressures despite many countries now having more tools to withstand economic shocks\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/32.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575512,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/18\/foreign-debt-is-leaving-emerging-markets-more-vulnerable-to-shocks-than-ever-before\/","url_meta":{"origin":571453,"position":4},"title":"Foreign debt is leaving emerging markets more vulnerable to shocks than ever before","author":"enterpriseam admin","date":"18 October 2020","format":false,"excerpt":"Foreign debt is leaving emerging markets more vulnerable to shocks than ever before: Widening private debt, rapid monetary expansion and low-cost lending have left emerging markets with a much larger challenge in piecing together an economic recovery from covid-19 than they did during the global financial crisis, according to a\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/182.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572275,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/","url_meta":{"origin":571453,"position":5},"title":"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs","author":"enterpriseam admin","date":"17 June 2020","format":false,"excerpt":"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs: Developing countries are piling on more debt to finance the deficits they face as a result of the covid-19 pandemic, rather than opting for potential restructuring of their existing debts, according to the\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/191.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=571453"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/571453\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/571429"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/571454"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=571453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=571453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=571453"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=571453"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=571453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}