{"id":593429,"date":"2019-11-27T04:02:08","date_gmt":"2019-11-27T04:02:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/"},"modified":"2019-11-27T04:02:08","modified_gmt":"2019-11-27T04:02:08","slug":"emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/","title":{"rendered":"Emerging markets\u2019 FX funding needs to repay USD-denominated debt to \u201csoar\u201d next year"},"content":{"rendered":"

Emerging markets\u2019 FX funding needs to repay a decade of USD-denominated debt<\/strong> are on track to \u201csoar\u201d next year<\/strong>, Caroline Grady writes for the Financial Times<\/a>. EMs have racked up significant debts since the 2008 global financial crisis, and are scheduled to repay nearly USD 800 bn-worth of debt on foreign currency bonds and loans in 2020. The \u201cwall of USD debt\u201d EM countries are expected to begin repaying will undermine the positive impact of narrowing current account deficits in many of these countries, such as Turkey and Argentina. \u201cThe result: lingering currency vulnerabilities in a number of economies and reliance on ample investor appetite for EM debt,\u201d Grady says.<\/p>\n

This is not the first time for someone to ring the alarm on emerging markets\u2019 rising USD-denominated debt burdens:<\/strong> Fitch Solutions had warned in a webinar we attended<\/a> last month that EMs\u2019 borrowing binge since the 2008 global financial crisis has created an \u201cAchilles heel\u201d in the form of USD-denominated debt exposure. The IMF said shortly thereafter<\/a> that EM state-owned enterprises in particular are also facing a \u201cconcerning\u201d rise in their debt burdens, which currently account for a \u201csignificant portion\u201d of all EM debt securities.<\/p>\n

It\u2019s not all doom and gloom, though \u2014 expectations of a USD rally slipped last week to a five-month low<\/strong>, buoying investor sentiment on emerging markets, according to Bloomberg<\/a>. Bond purchases in developing countries helped keep portfolio flows positive for a sixth consecutive week last week, while the MSCI index of developing countries\u2019 currencies began picking up on hopes of a US-China trade agreement. A weaker USD should help alleviate EMs\u2019 debt burdens, but it remains unclear to what extent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emerging markets\u2019 FX funding needs to repay a decade of USD-denominated debt are on track to \u201csoar\u201d next year, Caroline Grady writes for the Financial Times. EMs have racked up significant debts since the 2008 global financial crisis, and are scheduled to repay nearly USD 800 bn-worth of debt on foreign currency bonds and loans […]<\/p>\n","protected":false},"author":1,"featured_media":593430,"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":[380,7106,115,72,2234,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-currencies","tag-debt","tag-emerging-markets","tag-enterpriseam","tag-foreign-exchange","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"e2163960-cc81-466e-bc61-aecb6f314773","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/11\/1221.jpg","photo_position":"above","related_issue":[593407],"teaser":"","voice_url":""},"yoast_head":"\nEmerging markets\u2019 FX funding needs to repay USD-denominated debt to \u201csoar\u201d next year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emerging markets\u2019 FX funding needs to repay USD-denominated debt to \u201csoar\u201d next year\" \/>\n<meta property=\"og:description\" content=\"Emerging markets\u2019 FX funding needs to repay a decade of USD-denominated debt are on track to \u201csoar\u201d next year, Caroline Grady writes for the Financial Times. EMs have racked up significant debts since the 2008 global financial crisis, and are scheduled to repay nearly USD 800 bn-worth of debt on foreign currency bonds and loans […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-27T04:02:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/1221.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Emerging markets\u2019 FX funding needs to repay USD-denominated debt to \u201csoar\u201d next year\",\"datePublished\":\"2019-11-27T04:02:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/\"},\"wordCount\":284,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/1221.jpg?fit=%2C&ssl=1\",\"keywords\":[\"currencies\",\"debt\",\"emerging markets\",\"EnterpriseAM\",\"foreign exchange\",\"THE MACRO PICTURE\"],\"articleSection\":[\"THE MACRO PICTURE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/27\/emerging-markets-fx-funding-needs-to-repay-usd-denominated-debt-to-soar-next-year\/\",\"name\":\"Emerging markets\u2019 FX funding needs to repay USD-denominated debt to \u201csoar\u201d next year - 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The borrowing frenzy\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\/2\/267.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567209,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/fx-debt-pushes-em-debt-to-record-usd-72-5-tn-in-3q2019-iif\/","url_meta":{"origin":593429,"position":1},"title":"FX debt pushes EM debt to record USD 72.5 tn in 3Q2019 -IIF","author":"enterpriseam admin","date":"15 January 2020","format":false,"excerpt":"Foreign debt pushes EM debt to record USD 72.5 tn in 3Q2019: Total emerging market debt \u2014 including that of EM governments, households, non-financial corporates, and the financial sector \u2014 has hit a new record high of USD 72.5 tn in 3Q2019, according to the Institute of International Finance\u2019s (IIF)\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\/1\/612.jpg?fit=%2C&ssl=1&resize=350%2C200","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":593429,"position":2},"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":573355,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/29\/developing-economies-are-threatened-with-distress-as-they-struggle-to-pay-down-their-growing-debt-piles\/","url_meta":{"origin":593429,"position":3},"title":"Developing economies are threatened with distress as they struggle to pay down their growing debt piles","author":"enterpriseam admin","date":"29 July 2020","format":false,"excerpt":"Growing debt piles are becoming increasingly insurmountable for some developing economies as they struggle to find the resources to repay bns of USD borrowed from private investors over the past decade, the Wall Street Journal says. The pandemic has made matters worse, but these countries were already ill-prepared to both\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\/7\/244.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597046,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/15\/does-currency-devaluation-actually-increase-exports-in-emerging-markets\/","url_meta":{"origin":593429,"position":4},"title":"Does currency devaluation actually increase exports in emerging markets?","author":"enterpriseam admin","date":"15 July 2019","format":false,"excerpt":"Currency devaluation increases exports, right? Not always. The depreciation of emerging-market currencies may actually result in falling exports, research by the Bank of International Settlements (BIS) and the FT suggests. Conventional wisdom tells us that a weakening currency makes exporters more competitive in the international market, causing an increase in\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\/2019\/7\/980.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571453,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/ems-turn-to-local-debt-markets-burn-through-fx-reserves-to-weather-the-covid-storm\/","url_meta":{"origin":593429,"position":5},"title":"EMs turn to local debt markets, burn through FX reserves to weather the covid storm","author":"enterpriseam admin","date":"12 May 2020","format":false,"excerpt":"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\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\/5\/124.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\/593429","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=593429"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593429\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/593407"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/593430"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=593429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=593429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=593429"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=593429"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=593429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}