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COUNTRY INSIGHTS

QATAR: Upsized issuance demonstrates confidence and could spur other regional borrowers
GULF COUNTRIES · In Brief · 07 Apr 2020

It was no surprise that Qatar began marketing its bond issuance today. Interest in further borrowing had been signalled back in December when the state held a wide-ranging roadshow, despite its $12bn issuance a year ago (which confused markets because the country was running a fiscal surplus and ...

More refinancing, bond purchases and selectively higher interest rates from the MNB
HUNGARY · In Brief · 07 Apr 2020

Well, no one can rightly accuse the MNB of not being inventive in these days. True, they have to reach different objectives at the same time, including: (a) providing enough liquidity under crisis circumstances, to keep water running in the pipe at all times; (b) to provide more refinancing, with...

Coronavirus: Turbulence in relationship with China; most are in favor of social distancing
BRAZIL POLITICS · Report · 06 Apr 2020

There was added tension in the Brazil-China relationship today (06) after the Minister of Education, Abraham Weintraub, used Twitter to post insinuations that China could purposefully benefit from the global crisis caused by the coronavirus. According to the minister, China’s goal is to “take ove...

Economics: Recalculating for oil and Covid-19
MEXICO · Report · 06 Apr 2020 · 1 response

Mexico has experienced five economic contractions over the past four decades including the slippage seen in 2019, but while the first four of these recessionary episodes led to a recovery the following year, it will be a very different story this time around. Even before the pandemic and oil war ...

Politics: Ambiguous, erratic handling of Covid-19
MEXICO · Report · 06 Apr 2020 · 1 response

Time will tell whether or not the results of the Mexican government’s unique coronavirus strategy, which relies on disease modeling combined with highly selective testing and targeted responses, will deliver positive results or something more akin to Italy’s nightmare. However, its implementation...

AMLO loses grasp of economic reality
MEXICO · In Brief · 06 Apr 2020

AMLO insists on distancing his government economically (and politically), from the last five administrations (Salinas, Zedillo, Fox, Calderón and Peña Nieto), even though this translates into ineffective solutions to Mexico’s main challenges:a significant recession due to COVID 19 and pubic finan...

Synthesis of the Brazilian economy
BRAZIL ECONOMICS · Report · 06 Apr 2020

The new coronavirus has already infected at least 1.2 million people in the world, with 64 thousand deaths and 244 thousand people classified as recovered, according to data up to April 4th. The numbers are imprecise due to the different testing strategies adopted in countries and regions. China,...

With a slight correction : Rates reduced to 0.1%
ISRAEL · In Brief · 06 Apr 2020

The MPC decided to reduce rates to 0.1%, and in addition to provide 3 year loans to the banks at 0.1% interest, contingent on providing loans to small and medium sized businesses. In addition, the BoI will allow corporate bonds (in addition to government bonds) as collateral in the repo market. T...

Another official statement on fiscal measures arrived this morning
HUNGARY · In Brief · 06 Apr 2020

Just as promised a few days ago, PM Orbán made another statement on further details of the upcoming Covid-19 fiscal action plan. Following the logic of the new extraordinary legal rule, under which the cabinet can govern the country by issuing decrees during the existing emergency situation, he m...

Institutional tension may increase
BRAZIL POLITICS · Report · 06 Apr 2020

Governors may ask for an extension of social isolation measures. President Bolsonaro has stated that, if the gradual lifting of measures is not announced, he may decide the matter. The Senate may vote on the Constitutional Amendment proposal that deals with the “wartime budget”. The Lower House m...

Compulsory restructuring of the debt under local law
ARGENTINA · In Brief · 06 Apr 2020

This morning, the government published a Decree that postpones, until the last day of 2020, payments (interest and amortizations) on the debt denominated in US dollars contracted under Argentinean law. It is the beginning of the process of compulsory restructuring of that debt that we had anticip...

Policy rates reduced to 0.1%, with further loosening possible
ISRAEL · In Brief · 06 Apr 2020

The MPC decided to reduce rates to 0.1%, and in addition to provide 3 year loans to the banks at 0.1% interest, contingent on providing loans to small and medium sized businesses. In addition, the BoI will allow corporate bonds (in addition to government bonds) as collateral in the repo market. T...

​Process for postponing elections begins as contagion and dismissals grow
DOMINICAN REPUBLIC · In Brief · 06 Apr 2020

The Ministry of Public Health confirmed that until last Saturday (April 4) a total of 1,745 people has been diagnosed with Covid-19. 53% of all cases have been registered in the Greater Santo Domingo area. Of the total number of people diagnosed, 82 have died, 17 have recovered and the rest conti...

Foreign debt issues will take some pressure off domestic yields
ISRAEL · Report · 06 Apr 2020

The spread of the coronavirus in Israel appears to be slowing in recent days. The MoF announced a fairly modest fiscal stimulus scheme with actual expenditure growth of 2.5% GDP. We think the fiscal deficit will reach 8% GDP this year; financing this deficit will be facilitated by issuance abroa...

Mitigation efforts in times of coronavirus
PERU · Report · 06 Apr 2020

The Peruvian government was among the first in the region to order stringent social distancing measures, despite a relatively low number of cases at the time. As of April 4th, only 17,841 tests had been applied, 1,746 people had tested positive and 73 people had died. The number of cases is expec...

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