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Weekly Insight: Corporate Debt in the Crosshairs

With COVID-19 clouding corporate revenue and earnings prospects, highly-leveraged firms will struggle with debt service; 

IIF Letter To G20, IMF, World Bank and Paris Club On the Private Sector Terms of Reference for the G20/Paris Club DSSI

Informed by our working group discussions, this letter is meant to frame the accompanying Terms of Reference for private sector consideration of borrower requests within the DSSI.

Terms of Reference for Voluntary Private Sector Participation in the G20/Paris Club DSSI

The Terms of Reference are a toolkit for DSSI-eligible sovereign borrowers that request forbearance from their private creditors. This new framework offers a flexible template for in-scope borrowers and their private creditors to advance conversations and enable voluntary debt service suspension, on terms in line with official bilateral creditors.

GMV: How Abnormal Were Q1 Outflows From EM?

Non-resident portfolio outflows from EM have been large, amounting to a five standard deviation shock in March and April.

Macro Notes: The COVID-19 Recession in CEEMEA

We now expect an even deeper output contraction of 5.7% in the CEEMEA region. Effects of the COVID-19 shock are increasingly visible in the data for March-April. We downgrade growth in South Africa, the Czech Republic, Ukraine, and Russia. The fall in activity prompted authorities to implement fiscal stimulus measures. Together with cyclical revenue weakness, additional spending will widen deficits. CEEMEA central banks cut rates and some began government bond purchases.

IIF Responds to IASB Phase 2 Exposure Draft on IBOR Reform

The IIF submitted a comment letter to the International Accounting Standards Board (IASB) Exposure Draft

Economic Views: LatAm Growth and COVID-19

We downgraded global and LatAm growth markedly in April, but since then activity has contracted even faster than expected.

Capital Flows to MENA: High Quality Assets Still Calling Investors 

Capital inflows to the MENA region will remain high despite the global backdrop. We expect the plunge in oil prices and widening fiscal deficits will lead to a decline in private non-resident capital flows to oil importers, but will be partly offset by higher official flows. 

IIF May 2020 Global Regulatory Update

The May 2020 IIF Global Regulatory Update provides updates on current work streams.

GMV: The March Capital Flow Exodus from EM

Emerging markets have stabilized since the peak COVID-19 shock in March. Depth and severity of non-resident portfolio outflows at the time surprised...
 

 

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