reports
- Egor Fedorov
- James Wilson
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly and trade ideas update
Tariff noise looks set to continue out of the US, along with the potential for more geopolitical shocks in Europe and the Middle East. We expect issuance to continue at a healthy pace, with some risk for spread widening given tight spread levels.
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly & trade ideas update
EM credit markets saw some relief this week with no major surprises from US President Trump's inauguration, while activity picked up in primary markets again. We see some risk of modest spread widening amid decent supply, along with further clarity on US trade measures.
- Egor Fedorov
EM Credit Spark/EM corporates results review: SASOL
Sasol Ltd (BB+/Ba1/-; Net Debt/ EBITDA ratio: 1.5x) published 2H/FY24 financial results on Tuesday, 20 August. SASOL posted strong results in the second half of its 2024 financial year compared to first half thanks to operational improvements in 2Q24:
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly
EM credit markets' volatility may go down slightly with the peaking summer holidays season in Europe, the UK, and the US, especially on the EM corporates primary market side where corporates have just started the 2Q/1H24 reporting season. Geopolitical developments in the Middle East will be a rather key risk for this week. Key topics SASOL: Improved operating results supported by better pricing environment in 2HFY24
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly
EM credit markets continue to hold up well amid the challenging macro backdrop, with some more optimism building around the higher-yielding portion of the market. With valuations fairly tight on the whole, we expect more positive technical tailwinds, such as a return of inflows to the asset class, will be needed for spreads to tighten further. Key topics: • EM Credit: Weekly review. • Egypt surges amid foreign investment from UAE. • CEEMEA corporates: Brief review of key events: ENGPRO, KZO...
- Egor Fedorov
- Oleksiy Soroka
- CFA
- Wade Napier
Sasol | Contextualising delayed results
We held a call with Sasol's (SOL) Chief Financial Officer, Paul Victor, this morning to clarify why the Group's FY '19 results were delayed. Reassuringly, there is no indication of fraud nor does SOL believe its FY '19 results require restating and is reaffirming its trading statement guidance.
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