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Zawya
17 minutes ago
- Zawya
Emerging market debt sale surge defies global turmoil amid signs of de-dollarisation
Emerging market debt sales boomed in the first half of the year, defying tariff tantrums, missile attacks and gyrating oil prices, on track for another year of records - and with nascent signs of a shift away from the dollar, bankers told Reuters. Cash-rich investors keen for margins - and to diversify their portfolios - hardly paused their buying spree even during U.S. President Donald Trump's "Liberation Day" sweep of tariff announcements or Israel's attacks on Iran. Record supplies of new bonds could continue, with low oil prices driving exporting countries to keep borrowing to fund spending. "What is astonishing this year is how markets ... were still active, if not very active, in the toughest moments of the globe," said Alexis Taffin de Tilques, global head of emerging markets sovereigns and head of Central and Eastern Europe, Middle East and Africa debt capital markets with BNP Paribas. "The volumes of issuance have been incredible." Stefan Weiler, head of debt capital markets for CEEMEA at JPMorgan, said debt sales in the group of regions surpassed $190 billion in the first half of the year, on course to beat last year's all-time record of $285 billion. The surge is another sign of investor interest in emerging market assets in a year that has been marked by the sort of turmoil that typically sends investors fleeing for safe-havens. "Investors are very cash rich ... eagerly looking to deploy their cash in the primary market," said Weiler, predicting that if oil prices fell, issuance from the Middle East and North Africa could rise further. The Gulf, led by behemoth Saudi Arabia, issued just over 40% of CEEMEA debt, bankers said, as companies and countries took advantage of a dip in interest rates and the expectation that U.S. Treasury yields would remain elevated for some time. "It has been definitely a record first half of issuances this year" for the Middle East, said Khaled Darwish, head of CEEMEA Debt Capital Markets at HSBC, calculating that Middle East issuers had raised bond and sukuk deals worth $106 billion so far this year, compared with $139 billion for the whole of 2024. "The impact of all the geopolitical developments that happened this year has been quite minimal on the GCC market," he added. Geopolitical upheaval has even helped demand for certain issues. Investors who may once have been cautious about defence companies have become keener in response to higher military spending in NATO countries following Russia's invasion of Ukraine. Czech defence and industrial company CSG more than doubled its dual-tranche 2031 bond issue to 1 billion euros and $1 billion in response to strong investor demand. DIVERSIFICATION Fixed-income investment is better shielded from geopolitical turmoil than equity markets, Taffin de Tilques said. Weiler said crossover investors are keen for the bigger margins emerging market debt offers. Citi's debt finance team said global emerging-market issuance volumes were up 20% year-on-year for the first half of 2025, with corporate issuance growing particularly quickly. While much of it is refinancing, new issuers have joined the fray such as Saudi mining giant Maaden, with a sukuk worth $1.25 billion, and Angola's Azul Energy, which debuted with a $1.2 billion bond. Victor Mourad, Citi's co-head of CEEMEA debt financing, said the growing list of debut issuers offered investors diversification. Darwish and Weiler said there are also more governments and corporates turning to other currencies - chiefly the euro - to diversify away from the dollar. Saudi Arabia issued in euros this year, as did Sharjah in the United Arab Emirates. Weiler said other currencies were being explored too, from Japanese yen to "Panda bonds" issued on China's domestic market in yuan. Uruguay sold its first sovereign bond in Swiss francs. "There's definitely a theme among global issuers currently exploring more non-USD financing alternatives as borrowers are seeking to achieve less reliance on USD-denominated funding," Weiler said, adding it was an early sign of de-dollarisation. "I think it's the start of a clear trend." Mourad said the other notable trend was a move away from 30-year issues; he said there were only two 30-year transactions from the CEEMEA region in the first half of the year. Yield curves have become steeper globally, making longer-term issues more costly to governments and corporates than before. "The long end supply has been replaced by a surge in volumes for three-year transactions as issuers took a view on short-term rates," Mourad said.
Zawya
17 minutes ago
- Zawya
Kenya looks to privatise state assets to draw private-sector investments, says President Ruto
Kenya is planning to privatise some state assets via initial public offerings in order to bring in more private sector investment, President William Ruto said in remarks at the London Stock Exchange on Wednesday. The government plans to start with listing the Kenya Pipeline Company via an IPO on the Nairobi Securities Exchange this year, Ruto said. "We are committed to a structured, time-sensitive programme that identifies and prepares a robust pipeline of key government assets to be privatised through the stock exchange or improved through private sector participation," he said. Ruto also said that well-functioning domestic capital markets could reduce reliance on external debt. Kenya has been seeking new sources of funding since deadly nationwide protests last summer forced it to pursue austerity measures and scrap planned tax hikes worth more than 346 billion Kenyan shillings ($2.68 billion). Separately, at the Africa Debate event later on Wednesday, Ruto said that following shocks such as U.S. President Donald Trump's elimination of USAID this year, Kenya is working to rely on its own resources, and private investments, rather than "resources that we do not have any control over." He cited plans to partner with the private sector to provide hospital equipment on a fee-per-use basis and said Kenya had raised $1.3 billion by securitising assets such as roads to raise funding. "We are now going to be listing some of those bonds in the securities exchange so other investors can have a bite of the cherry," he said. ($1 = 128.9500 Kenyan shillings) (Reporting by Libby George; editing by Karin Strohecker and Joe Bavier)
Zawya
25 minutes ago
- Zawya
South Africa: Cyberattacks in retail signal rising risks for SMEs, says J2 Software
A series of recent cyberattacks targeting South African businesses has highlighted the growing vulnerability of SMEs, particularly those operating in the retail and e-commerce space. That's according to cybersecurity firm J2 Software, which says small businesses can no longer rely on basic compliance measures to protect themselves. One of the most prominent recent breaches involved e-commerce retailer OneDayOnly, which was targeted by the hacking group Kill Security (KillSec) in late 2024. The attackers reportedly gained access to customer contact information, account data and stored payment details from the company's cloud storage. A ransom of $100,000 was allegedly demanded to prevent the release of the data online. Another data breach, this time involving Claim Expert – a service provider previously contracted by Pick n Pay – exposed personal data of over 100,000 individuals. While the breach occurred at Claim Expert, its connection to a major retailer placed the incident in the public spotlight, raising concerns about supply chain cybersecurity risks. J2 Software said these incidents underscore a key point: SMEs are increasingly becoming targets of cybercrime but often lack the internal resources to manage cybersecurity risk effectively. 'Cyber threats are not limited to large corporations,' said John Mc Loughlin, CEO of J2 Software. 'Small and medium businesses are often more vulnerable because they don't have the in-house capacity to build or manage advanced cyber defences.' According to J2 Software, one cost-effective way for SMEs to enhance their protection is by using managed cybersecurity services. These services can provide access to enterprise-grade tools and expertise without the cost of building and staffing internal security teams. 'Through outsourcing, SMEs can gain continuous visibility into their security posture, benefit from real-time threat detection, and meet compliance requirements,' Mc Loughlin said. The company said its offering includes capabilities such as deception technology, intrusion detection, vulnerability assessments and threat dashboards—designed to offer scalable protection for growing businesses. 'With the rise of data breaches in South Africa, cybersecurity is no longer optional. For SMEs, managed services offer a practical and scalable way to protect digital assets without overspending,' Mc Loughlin added. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
