The value of global bond issuances is expected to decline marginally by 0.6 per cent year-on-year in 2019, due to increased market volatility and higher interest rates in the US and Europe, a report from S&P Global Ratings said.
“Financing conditions tightened in the US and Europe during the fourth quarter [of 2018], largely as a result of an abrupt increase in financial market volatility, leading to a complete lack of speculative grade bond issuance in both regions in December,” S&P said.
Corporate spreads then widened considerably in the last weeks of the year and although they have declined since, “we believe tighter financial conditions are here to stay”, the agency’s latest credit trends report on Sunday said.
Total global bond issuance stood at around $5.8 billion in 2018, down 6 per cent from $6.2bn the previous year, according to S&P.
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Many of the macroeconomic risks that arose in 2018 – including trade uncertainty, slowing global economic growth and geopolitical tensions – are set to continue into 2019, S&P added. Nearly all could have a “deleterious” effect on bond issuance, squeezing total volumes again this year, the report said.
The International Monetary Fund downgraded its global growth forecasts for 2019 on rising trade tensions and protectionism. The lender now projects global gross domestic product to grow by 4.5 per cent in 2019, down from 4.6 per cent in 2018, and 0.2 per cent lower than its forecasts made in October.
“Economic growth projections continue to be revised slowly downward, the US-China trade dispute has been put on a temporary hold, the yield curve in the US continues to flatten and there are two months to go until [the UK’s exit from the European Union is triggered], with no settled Brexit agreement in sight,” S&P’s report said.
Currency fluctuations are another factor to consider this year. Some appreciation in the US dollar is expected in 2019, S&P said, but less than in 2018 and limited to certain regions.
Meanwhile, major European currencies are expected to remain stable against the dollar over the course of the year, while most emerging market currencies are set to depreciate.
COMPANY%20PROFILE
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
