reports
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
EM Credit Spark/EM credit weekly
Markets were calmer last week as investors continue to look towards potential rate cuts in the US in September. Chair Jerome Powell at his Jackson Hole speech on Friday, 23 August, sent strong signals that the Fed is ready to cut key rates. “The time has come for policy to adjust. The direction of travel is clear". Markets now price up to 100bp in US key rates cut till the end of the year and a further 125bp of cuts next year. We view the macro backdrop as supportive for EM credit, while new sup...
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
PUMA PUMA ENERGY ZAMBIA PLC
AKBNK AKBANK TAS
103M SASOL LIMITED
QNBFB QNB FINANSBANK A.S.
TSKB TURKIYE SINAI KALKINMA BANKASI AS
TTRAK TURK TRAKTOR VE ZIRAAT MAKINELERI A.S.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
19XX NEPI ROCKCASTLE N.V.
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly
EM credit markets continued to hold up well this week amid the ongoing macro volatility, with sovereign spreads continuing to grind tighter despite the further leg higher in US rates. We keep an eye on geopolitical developments and expectations of supply as potential triggers for weakness.
- Egor Fedorov
- Oleksiy Soroka
- CFA
- Nick Smallwood
PUMA Energy/We like PUMAFN 5% 2026 after weak spell
We review PUMA Energy (PUMAFN) following a weak spell and find its bonds attractive, especially the 5% 2026 paper. PUMAFN is a well-run, mainly downstream oil company whose presence in highly-regulated markets insulates it from oil-price fluctuations. We note that the PUMAFN 2026 bond trades wide to a basket of similarly rated peers across various jurisdictions (see second chart). We also note that it is trading at recent wides after going through a tough patch in late March (see first chart). A...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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