Global Economic Prospects 2014

Five years after the financial crisis, the world economy is showing signs of bouncing back. Read more ...

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Prospects Daily: ​Euro-area bond yields hit historic lows, German business confidence improves for the first time in seven months, Russia’s retail sales stagnate after ruble plunges

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Financial Markets

Euro-area government bonds advanced as investors speculated the European Central Bank (ECB) will expand its asset purchase program to include government securities. Spain’s 10-year yield slid as much as 5 basis points (bps) to reach 1.961%, yielding below 2% for the first time ever. 10-year bond yields in Italy, Ireland, France, and Austria also hit historic lows, extending last week’s decline after ECB President Mario Draghi strongly signaled further stimulus.

Prospects Daily: Mexico to issue bonds with new collective action clauses, German investor confidence rises first time this year, Indonesia hikes fuel prices by over 30%

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Financial Markets

Mexico is planning to sell at least $500 million dollar-denominated bonds as soon as today with new-style collective action clauses (CACs) that preventing holders with less than 25% of the country’s debt from blocking restructuring. Following Kazakhstan and Vietnam, it will be the third emerging-market county to adopt the issuer-friendly CACs designed to insulate from Argentina risk. Mexico’s move is viewed as especially significant as it is one of the biggest emerging-market borrowers in the international bond market.

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