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Maryna Asipchuk

Valentina Antill

John Finnigan

The IMF's World Economic Outlook Update, published in June 2020, predicts that the global economy will shrink by 4.9% in 2020 - 1.9 percentage points more than estimated in its April 2020 forecast. Emerging market and developing economies will contract by 3.0% this year - their first contractions as a group for at least 60 years. Considerable uncertainty remains about the course of the pandemic and the pace of any economic recovery. The Secretary-General of the United Nations, Antonio Guterres, believes the “unparalleled economic shock” of COVID-19 could put development gains at risk and notes that rebuilding to pre-crisis levels of employment and output may take years. The international development community anticipates that the severe and diverse impacts of the pandemic will exacerbate the challenge of achieving the targets set out in the UN Sustainable Development Goals.

The IMF's World Economic Outlook Update, published in June 2020, predicts that the global economy will shrink by 4.9% in 2020 - 1.9 percentage points more than estimated in its April 2020 forecast. Emerging market and developing economies will contract by 3.0% this year - their first contractions as a group for at least 60 years. Considerable uncertainty remains about the course of the pandemic and the pace of any economic recovery.
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The Secretary-General of the United Nations, Antonio Guterres, believes the &ldquo;unparalleled economic shock&rdquo; of COVID-19 could put development gains at risk and notes that rebuilding to pre-crisis levels of employment and output may take years. The international development community anticipates that the severe and diverse impacts of the pandemic will exacerbate&nbsp; the challenge of achieving the targets set out in the UN Sustainable Development Goals.

This article looks at how multilateral development banks are helping borrowers, many of which have massive financing needs in the wake of the COVID-19 pandemic, to better insulate themselves from global events and systemic shocks by modifying the currency-denomination of their existing loans.

Transforming Debt: Re-Focusing in the COVID-19 Era

Stay up to date on the latest financial regulation news with Global Custodian's new podcast. Join Citi’s Sean Tuffy, Head of Regulatory Intelligence, Securities Services, Virginie O’ Shea, CEO, Firebrand Research, and Global Custodian’s editor Joe Watkins and deputy editor Joe Parsons for a new podcast series, There’s Always a FinReg Angle. Listen and subscribe via Apple Podcasts, Google, and Spotify. Episodes Episode 204 (22 April 2021) The FinReg experts are back to discuss the fallout from the Archegos Capital saga, while we also discuss Europe’s Money Market Funds Regulation, the Settlement Discipline Regime and global compliance fines/ Episode 203 (11 Mar 2021) The FinReg experts are back to discuss the DTCC’s two-year roadmap for transition to shorter settlement, along with the state of Europe’s fund domicile landscape as the UK looks to adapt to life post-Brexit. Episode 202 (08 Feb 2021) The FinReg experts are back as the post-trade sector has been thrust into the media spotlight amid the Gamestop mayhem that led to clearing and settlement being blamed for retails platforms halting trading in certain stocks. Episode 201 (21 Jan 2021) The FinReg experts are back for a new season discussing the impact of Gary Gensler’s appointment as head of the SEC, the fallout from the latest Brexit updates and, for some reason, sea shanties. Season One Episode 101 (08 Apr 2020) Jon, Joe, Virginie, and Sean discuss the global regulators’ response to COVID-19, operational resilience, and how the asset management industry is adjusting to working remotely. Episode 102 (20 Apr 2020) The FinReg cast are back to discuss the latest regulatory developments in the fast-moving COVID-19 environment. They also dive into regulators’ engagement around sandboxes, how compliance teams are handling the crisis, and Brexit. Episode 103 (05 May 2020) Jon, Joe, Sean and Virginie are back to discuss the Environmental, Social, and Governance (ESG) regulatory issues following the release of a consultation paper in Europe last week. The episode also catches up on the latest news including an industry blow for hopes of a CSDR alteration and the measures the ECB has taken to avoid collateral shortage Episode 104 (20 May 2020) Jon, Joe, Sean, and Virginie discuss the notion of the ‘new normal’ for regulators and the industry alike, along with the cultural changes occurring within custody banks, frustration about the continued reliance on fax machines and the latest news updates including GC’s deep dive into BlackRock’s ambitions with custodian banks. Episode 105 (24 June 2020) Sean Tuffy and Virginie O’Shea are back to discuss the latest FinReg news and dig into the world of regulatory enforcement, discussing whistleblowing, rewards, penalties, the varying approaches from global watchdogs and more. Episode 106 (20 July 2020) Sean Tuffy, Virginie O’Shea, and the GC team are back to discuss the latest FinReg news and discuss the lingering issues and FinReg worries around Brexit, along with the effectiveness and challenges of regulatory cooperation. Episode 107 (03 September 2020) Sean Tuffy, Virginie O’Shea and the GC team are back to discuss the latest FinReg news including the proposed harmonization of the AIFMD and UCITS frameworks, along with the rollout of SRD 2. Episode 108 (29 September 2020) The FinReg experts cast their eyes over this year’s Sibos Digital agenda and pick their highlights, while sharing some past Sibos experiences as the event nears. Episode 109 (12 November 2020) The FinReg experts discuss the impact of Joe Biden’s election on financial regulation, innovation and how the US will approach ESG under its new leadership. Episode 110 (18 December 2020) An end of year special, the FinReg team look back on an eventful year for FinReg and give their predictions and milestones to look out for in 2021.

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Stay up to date on the latest financial regulation news with Global Custodian's new podcast.
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<img class="size-medium wp-image-2253 alignleft" style="box-sizing: border-box; display: flex; margin: 0px 20px 20px 0px; float: left;" src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/608905a880d243332e045252.png" sizes="(max-width: 300px) 100vw, 300px" alt="" width="300" height="300" loading="lazy" />
Join Citi&rsquo;s Sean Tuffy, Head of Regulatory Intelligence, Securities Services, Virginie O&rsquo; Shea, CEO, Firebrand Research, and Global Custodian&rsquo;s editor Joe Watkins and deputy editor Joe Parsons for a new podcast series,&nbsp;There&rsquo;s Always a FinReg Angle.
Listen and subscribe via&nbsp;<a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/global-custodian-theres-always-a-finreg-angle/id1506941884" target="_blank" rel="noopener">Apple Podcasts</a>,&nbsp;<a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.google.com/search/theres%20always%20a%20finreg%20angle" target="_blank" rel="noopener">Google</a>,&nbsp;and&nbsp;<a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://open.spotify.com/show/2ivaFoNYFsBqcO3jKZugpC?si=RvICkJukTZ21EN_JoAZIIw" target="_blank" rel="noopener">Spotify</a>.
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<h4 style="box-sizing: border-box; margin: 45px 0px 31px; font-size: 30px; line-height: 40px;">Episodes</h4>
<ul style="box-sizing: border-box; padding: 0px; margin: 37px 0px 70px 65px; width: 794px; max-width: 794px; font-size: 18px; font-weight: 300;">
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;">Episode 204&nbsp;(22 April&nbsp;2021) The FinReg experts are back to discuss the fallout from the Archegos Capital saga, while we also discuss Europe&rsquo;s Money Market Funds Regulation, the Settlement Discipline Regime and global compliance fines/</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/theres-always-finreg-angle-move-to-t-1-europes-fund/id1506941884?i=1000512546540" target="_blank" rel="noopener">Episode 203</a>&nbsp;(11 Mar&nbsp;2021) The FinReg experts are back to discuss the DTCC&rsquo;s two-year roadmap for transition to shorter settlement, along with the state of Europe&rsquo;s fund domicile landscape as the UK looks to adapt to life post-Brexit.</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/theres-always-finreg-angle-gamestop-settlement-debate/id1506941884?i=1000508230103" target="_blank" rel="noopener">Episode 202</a>&nbsp;(08 Feb&nbsp;2021) The FinReg experts are back as the post-trade sector has been thrust into the media spotlight amid the Gamestop mayhem that led to clearing and settlement being blamed for retails platforms halting trading in certain stocks.</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 0px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/theres-always-finreg-angle-new-sec-head-brexit-sea/id1506941884?i=1000506097206" target="_blank" rel="noopener">Episode 201</a>&nbsp;(21 Jan&nbsp;2021) The FinReg experts are back for a new season discussing the impact of Gary Gensler&rsquo;s appointment as head of the SEC, the fallout from the latest Brexit updates and, for some reason, sea shanties.</li>
</ul>
<h6 class="subtitle" style="box-sizing: border-box; margin: 20px 0px 31px; font-size: 20px; line-height: 28px;">Season One</h6>
<ul style="box-sizing: border-box; padding: 0px; margin: 37px 0px 0px 65px; outline-width: 0px; width: 794px; max-width: 794px; font-size: 18px; font-weight: 300;">
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/episode-101/id1506941884?i=1000470881232" target="_blank" rel="noopener">Episode 101</a>&nbsp;(08 Apr 2020) Jon, Joe, Virginie, and Sean discuss the global regulators&rsquo; response to COVID-19, operational resilience, and how the asset management industry is adjusting to working remotely.</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/episode-102/id1506941884?i=1000472043246" target="_blank" rel="noopener">Episode 102</a>&nbsp;(20 Apr 2020) The FinReg cast are back to discuss the latest regulatory developments in the fast-moving COVID-19 environment. They also dive into regulators&rsquo; engagement around sandboxes, how compliance teams are handling the crisis, and Brexit.</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/theres-always-a-finreg-angle-episode-103/id1506941884?i=1000473646148" target="_blank" rel="noopener">Episode 103</a>&nbsp;(05 May 2020) Jon, Joe, Sean and Virginie are back to discuss the Environmental, Social, and Governance (ESG) regulatory issues following the release of a consultation paper in Europe last week. The episode also catches up on the latest news including an industry blow for hopes of a CSDR alteration and the measures the ECB has taken to avoid collateral shortage</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/global-custodian-theres-always-a-finreg-angle/id1506941884#episodeGuid=5eccea041eef8d283489ca0b" target="_blank" rel="noopener">Episode 104</a>&nbsp;(20 May 2020) Jon, Joe, Sean, and Virginie discuss the notion of the &lsquo;new normal&rsquo; for regulators and the industry alike, along with the cultural changes occurring within custody banks, frustration about the continued reliance on fax machines and the latest news updates including GC&rsquo;s deep dive into BlackRock&rsquo;s ambitions with custodian banks.</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/theres-always-finreg-angle-enforcement-go-where-whistle/id1506941884?i=1000479456824" target="_blank" rel="noopener">Episode 105</a>&nbsp;(24 June 2020) Sean Tuffy and Virginie O&rsquo;Shea are back to discuss the latest FinReg news and dig into the world of regulatory enforcement, discussing whistleblowing, rewards, penalties, the varying approaches from global watchdogs and more.</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/theres-always-finreg-angle-brexit-regulatory-cooperation/id1506941884?i=1000485556831" target="_blank" rel="noopener">Episode 106</a>&nbsp;(20 July 2020) Sean Tuffy, Virginie O&rsquo;Shea, and the GC team are back to discuss the latest FinReg news and discuss the lingering issues and FinReg worries around Brexit, along with the effectiveness and challenges of regulatory cooperation.</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/theres-always-finreg-angle-brexit-regulatory-cooperation/id1506941884?i=1000485556831" target="_blank" rel="noopener">Episode 107</a>&nbsp;(03 September 2020) Sean Tuffy, Virginie O&rsquo;Shea and the GC team are back to discuss the latest FinReg news including the proposed harmonization of the AIFMD and UCITS frameworks, along with the rollout of SRD 2.</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/theres-always-a-finreg-angle-sibos-preview/id1506941884?i=1000492962729" target="_blank" rel="noopener">Episode 108</a>&nbsp;(29 September 2020) The FinReg experts cast their eyes over this year&rsquo;s Sibos Digital agenda and pick their highlights, while sharing some past Sibos experiences as the event nears.</li>
<li style="box-sizing: border-box; list-style-type: none; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 21px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://podcasts.apple.com/gb/podcast/theres-always-a-finreg-angle-election-special/id1506941884?i=1000498360493" target="_blank" rel="noopener">Episode 109</a>&nbsp;(12 November 2020) The FinReg experts discuss the impact of Joe Biden&rsquo;s election on financial regulation, innovation and how the US will approach ESG under its new leadership.</li>
<li style="box-sizing: border-box; list-style-type: none; outline-width: 0px; position: relative; padding-left: 20px; font-size: 18px; line-height: 28px; margin-bottom: 0px; font-weight: 300;"><a style="box-sizing: border-box; display: inline-block; text-decoration-line: none; transition: color 0.3s ease 0s;" href="https://www.globalcustodian.com/podcasts/theres-always-a-finreg-podcast-predictions-for-2021/" target="_blank" rel="noopener">Episode 110</a>&nbsp;(18 December 2020) An end of year special, the FinReg team look back on an eventful year for FinReg and give their predictions and milestones to look out for in 2021.</li>
</ul>

Stay up to date on the latest financial regulation news with Global Custodian's new podcast.

There’s Always a FinReg Angle Podcast

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