Not everyone is finding the Donald Trump Presidency straightforward. Foreign leaders have struggled with his “ad-lib” style, the media have provoked his ire with “very fake news” and now the whole of Sweden wondered if they missed something (at a rally on Saturday Trump commented “Sweden, who would believe this?” referencing a non-existent terror attack, possibly confusing the country with Sehwan in Pakistan). However, for now markets like the cut of his jib.
Better sentiment towards emerging markets was also in evidence last week. After recent successful Eurobond issues from Egypt and Nigeria, Mexico’s state-controlled oil company (Pemex) brought the biggest euro-denominated corporate bond deal ever. The EUR 4.25bn transaction was 4x over-subscribed. Egypt’s currency also made substantial gains and has now rallied around 15% against the USD this month. With the help of the IMF, Egypt is making solid progress and represents one of our top picks for 2017.
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