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COUNTRY INSIGHTS

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...

Negative comments diminish hopes for a new OPEC+ deal
GULF COUNTRIES · In Brief · 05 Apr 2020

There have been new developments, both positive and negative, over the weekend on the prospects for a renewed (and greatly expanded) OPEC+ deal. The market may start to take a view on this early in the week, possibly as soon as Asian trading opens on Monday, with the potential for a significant i...

Foreign debt issues will take some pressure off domestic yields
ISRAEL · In Brief · 05 Apr 2020

The Employment Agency continues to report an increase in the demand for unemployment benefits, reaching 880 thousand (including forced unpaid vacation). This represents 25% of the labour force. The MoF announce a modest fiscal stimulus package of 80bn (5.5% GDP). Only about 2.5% (35bn ILS) are ex...

Russia orders restrictions on grain exports
RUSSIA / FSU POLITICS · In Brief · 05 Apr 2020

On April 2 Russia legally limited the amount of grain that can be exported. This will apply to wheat, maize, barley, rye and a mixture of them called meslin. Only 7 million tonnes of the foregoing can be exported. The export limits exclude Kazakhstan and Belarus since they are in a customs union ...

In search of bold action
TURKEY · Report · 05 Apr 2020 · 2 responses

As the number of patients rose to ca 24K as of Saturday, President Erdogan was compelled to instate an intercity travel ban for 30 major cities and mandatory facemasks in public. Yet, he shied away from a nationwide curfew. While the new public health measures may be useful in slowing down the ep...

Recession looming
PHILIPPINES · In Brief · 05 Apr 2020

The coronavirus is indeed spreading much faster than analysts can update GDP growth forecasts. Our last update was only a month ago, before the World Health Organization declared a pandemic. That number, a 50bp downgrade to 5.7%, lower than other analysts’ forecasts at the time, is clearly now ov...

New details of a fiscal action plan were revealed this morning
HUNGARY · In Brief · 04 Apr 2020

Following weeks of growing public expectation, the government this morning went further to reveal its fiscal action plan in response the Covid-19 crisis, and also promised to announce many more details over the coming week.In total, government speakers are talking about the fiscal intervention to...

Foreigners selling Russian federal bonds
RUSSIA / FSU POLITICS · In Brief · 04 Apr 2020

On April 2 data from the Russian Exchange showed foreigners were dumping Russian federal bonds (OFZs). Over USD 3.5 billion worth were sold in March. This is the biggest sell off of any month ever. It is more than twice the sell off of June 2018 caused by US sanctions. This is due to the fear eng...

Polls show wear on Bolsonaro
BRAZIL POLITICS · Report · 03 Apr 2020

Two polls released today, April 3, show wear on President Jair Bolsonaro amid the coronavirus crisis. According to Datafolha, Bolsonaro’s performance is rated as “bad/very bad” by 39% of respondents. The president’s approval rating is at 33%. According to XP/Ipespe, the president’s negative ratin...

​Gulf weekly: Bahrain repays, Qatar looks to issue and oil bounces
GULF COUNTRIES · Report · 03 Apr 2020

The weekly is a skimmable summary of key developments by country, overlaid with our analysis, the outlook and links to further information. Headlines include: * Oil rebounded on hopes of a new OPEC+ deal after a Trump-MBS call. * Coronavirus cases doubled in the Gulf but the growth rate halve...

Russia’s response to the virus update: a mix of reasonable macroeconomic policy and somewhat chaotic measures to support the economy
RUSSIA ECONOMICS · Report · 03 Apr 2020

As Russian financial markets bounced back and the ruble strengthened, there is still a great deal of uncertainty about how the situation may evolve in Russia. Even though oil prices have jumped, they may easily go down if the situation deteriorates globally. In trying to address these issues the ...

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