{"id":92938,"date":"2024-06-11T00:00:00","date_gmt":"2024-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/amid-election-surprises-em-investors-are-bullish-on-local-debt\/"},"modified":"2024-06-11T00:00:00","modified_gmt":"2024-06-11T00:00:00","slug":"amid-election-surprises-em-investors-are-bullish-on-local-debt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/11\/amid-election-surprises-em-investors-are-bullish-on-local-debt\/","title":{"rendered":"Amid election surprises, EM investors are bullish on local debt"},"content":{"rendered":"

EM investors pivot towards local bonds:<\/strong> In the wake of election disruptions that have upended the \u201clong-standing\u201d positions of major developing economies\u2019 bond markets, emerging market investors such as Ashmore and Ninety One are shifting towards buying local bonds and relative value currency securities, Bloomberg<\/a> reports. France\u2019s decision to hold snap elections, for example, sent the EUR to its weakest<\/a> in a month.<\/p>\n

Investors are liking the risk:<\/strong> \u201cWe\u2019ve been increasing the frontier risk, through both local bonds and FX derivatives. We like the story in Egypt, we like some of the stories in smaller Latin American names. We\u2019re trying to diversify and not load up,\u201d Christine Reed, a portfolio manager at Ninety One told Bloomberg. <\/p>\n

Election \u201csurprises\u201d have triggered the search for alternative return avenues,<\/strong> with the MXN \u2014 once favored for carry trades \u2014 currently losing investor favor after a bout of volatility following the elections, with concerns that potential economic reforms will increase the government\u2019s influence in the economy. Meanwhile, the Polish PLN is gaining traction for its perceived insulation from political volatility. <\/p>\n

Appetite for Turkey\u2019s debt is also on the rise<\/strong>: In Turkey, the post-election economic overhaul, including the central bank\u2019s aggressive rate hikes and investor-friendly policies, have sparked a surge in demand for local-currency assets, with foreign holdings of TRY-denominated bonds jumping tenfold in a year, reflecting investors\u2019 confidence. <\/p>\n

What are EMs\u2019 selling points?<\/strong> \u201cWe see cleaner positioning as a positive technical factor, but more importantly for us is a country\u2019s monetary and fiscal policy stance, and inflation and growth profiles. Otherwise, we are running the risk of picking up pennies in front of a steamroller,\u201d says Valentina Chen, co-head of emerging-market debt at Mackay Shields.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asia-Pacific markets are mixed on their return from a public holiday<\/strong>, with Japan\u2019s Nikkei up 0.49%, while the Hang Seng is down 1.4% \u2014 seemingly unaffected by the rally over on Wall Street, which saw the Nasdaq and S&P 500 hit fresh highs yesterday. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,990<\/p>\n<\/td>\n

\n

+0.4% (YTD: -4.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,974<\/p>\n<\/td>\n

\n

-0.2% (YTD: -2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n

\n

3,373<\/p>\n<\/td>\n

\n

+0.9% (YTD: -12.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : AED<\/strong> CBUAE<\/strong><\/p>\n<\/td>\n

\n

Buy 3.67<\/p>\n<\/td>\n

\n

Sell 3.67<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EIBOR<\/strong><\/p>\n<\/td>\n

\n

5.1% o\/n<\/p>\n<\/td>\n

\n

5.5% 1 yr<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

11,854<\/p>\n<\/td>\n

\n

0.0% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

25,897<\/p>\n<\/td>\n

\n

+0.9% (YTD: +4.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,361<\/p>\n<\/td>\n

\n

+0.3% (YTD: +12.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,228<\/p>\n<\/td>\n

\n

-0.2% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,016<\/p>\n<\/td>\n

\n

-0.7% (YTD: +11.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 81.63<\/p>\n<\/td>\n

\n

+2.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 3.00<\/p>\n<\/td>\n

\n

+3.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,328.60<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 69,637.90<\/p>\n<\/td>\n

\n

-0.1% (YTD: +64.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The DFM fell 0.2% yesterday<\/strong> on turnover of AED 346.5 mn. The index is down 2.1% YTD.<\/p>\n

In the green: <\/strong>National International Holding Company (+9.6%), Drake & Scull International (+6.4%) and Dubai Islamic Ins. and Reins. (+3.3%).<\/p>\n

In the red: <\/strong>Commercial Bank of Dubai (-5.8%), Emirates Reem Investments Company (-2.6%) and Amanat Holdings (-1.9%). <\/p>\n

Over on the ADX<\/strong>, the index rose 0.4% on turnover of AED 979.3 mn. Meanwhile Nasdaq Dubai closed up 0.9%.<\/p>\n

CORPORATE ACTIONS-<\/p>\n

Drake & Scull wraps up restructuring: <\/strong>Dubai-based contractor Drake & Scull<\/a> has completed its restructuring after raising AED 450 mn<\/a> in a capital increase and resuming trading on the Dubai Financial Market (DFM), it said in a DFM disclosure (pdf)<\/a> yesterday. With the implementation of the restructuring plan, all lawsuits filed against Drake & Scull have been suspended. <\/p>\n

The restructuring saw the contractor write off <\/strong>over <\/strong>AED 4.18 b<\/strong>n<\/strong> in accumulated debt<\/strong>, <\/strong>representing 90% of its total debt. For the remaining 10%, Drake & Scull will issue mandatory convertible sukuk to the larger creditors to be converted into shares five years from the issuance date, alongside a cash settlement totaling AED 13.6 mn to be distributed to small creditors owed less than AED 1mn.<\/p>\n

ICYMI-<\/strong> Dubai\u2013based Drake & Scull re-listed its shares on the DFM on 29 May<\/a>, following a five-year hiatus. The construction firm\u2019s shares were suspended from trading on the back of excessive financial losses and reporting violations.<\/p>\n

SCA gave Drake & Scull the all-clear: <\/strong>\u201cAfter obtaining approval from the Securities and Commodities Authority (SCA) the company has now reached a stage where it can resume its activities, participate in new bids, and secure new projects,\u201d the contractor said in the statement. \u201cThis is a major achievement which opens new opportunities for the company to expand its operations within and outside the country by entering new bids, thus enhancing profitability, assets, and shareholders\u2019 equity.\u201d<\/p>\n

Spinneys has tapped BHM capital as a liquidity provider <\/strong>for its shares on the DFM for one year, according to a DFM disclosure (pdf)<\/a>. <\/p>\n

Takaful Emarat proposed to increase its share capital by an additional AED 60 mn,<\/strong> a DFM filing<\/a>(pdf)<\/a> reads. The capital increase would follow an earlier AED 185 capital increase approved in February<\/a>, and would bring its total share capital to AED 210 mn. The proposal is still pending regulatory approvals and agreement from shareholders at the upcoming general assembly, set to take place on Friday, 14 June. The ins. company posted a net loss of AED 132 mn in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

Appetite for Turkish, Egyptian, and Latin American debt is on the rise<\/p>\n","protected":false},"author":1,"featured_media":92939,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[1553],"tags":[1391,225,7,48,50],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-debt","tag-emerging-markets","tag-enterpriseam-uae","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"6ed381ec-e2aa-4ae0-bc85-1d347ec7e2ac","order":"15","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/970.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Amid election surprises, EM investors are bullish on local debt","related_issue":[92910],"teaser":"Appetite for Turkish, Egyptian, and Latin American debt is on the rise","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.2678a62c-d6f1-4190-afc2-3c5cfa6459d5.mp3"},"yoast_head":"\nAmid election surprises, EM investors are bullish on local debt - 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