Call us on
+44 (0) 207 045 0920

Latest Articles

Saudi Arabia Prices Triple-Trancher, Leaving a Few Bips on the Table

The Kingdom of Saudi Arabia hit the market for the first time in 2020 to place USD5bn in bonds across three tranches, including a 35-year tranche – the country’s longest to date.

22 Jan 2020

Middle East Deals Bips & Pieces

Ferroport Debt Refinanced with Alternative Payment Schedules and “Funky” Use of Collateral

Ferroport’s USD350 million project bond issuance and Brazilian debenture bridge financing included very innovative uses of flexible payment profiles and cash escrow accounts. It was also rare 144z/RegS single-offtaker deal, carried out in a jurisdiction that is typically quite challenging for project financings.

22 Jan 2020

Regulatory Shifts May Help Boost Islamic Banking in the Philippines

New guidelines released by The Bangko Sentral ng Pilipinas (BSP) could pave the way for new sukuk issuance in one of ASEAN’s fastest growing economies.

22 Jan 2020

China Showing Signs of Economic Recovery is Positive for Emerging Markets

Real GDP growth in China is starting to show signs of stabilisation, with the latest print showing output stayed steady at 6% in 4Q2019 and a raft of other indicators surprising on the upside.

22 Jan 2020

Webinars

Webinar: What are the top themes likely to dominate emerging market investing in 2020?

Mark Mobius, Director of Mobius Capital Partners gives his outlook for 2020

2 Jan 2020

Webinar: An Asian investor's outlook for Turkish and GCC credit in Q4 and beyond

We caught up with Todd Schubert, Managing Director, Head of Fixed Income Research, Bank of Singapore in advance of the Issuers & Investors Forum in Singapore to get his views on how Asian investors view Turkish and GCC credit.

10 Dec 2019

Webinar: Between The Spread: 2008 Financial Crisis - 10 Years On

In this exclusive Bonds & Loans webinar we chat to Brad Tank, CIO of Neuberger Berman, on the aftermath of the biggest financial crisis the world faced in the past 30 years - and where the global markets are ten years on.

10 Oct 2018

Macro Analysis

Uzbekistan Plans Ambitious IPO Schedule

Following the death of President Islam Karimov in 2016, Uzbekistan’s new President, Shavkat Mirziyoyev has set the country on a long but necessary path to reform. The relaxation of foreign exchange markets, release of political prisoners, and the sovereign’s debut Eurobond issuance have all since highlighted reform efforts in one of Asia’s most tightly controlled markets. Now, as the government…

21 Jan 2020

Tepid Macro Backdrop To Weigh on South African Banks in 2020 – UBS

Despite a relatively positive outlook for EM banking sectors loan growth in 2020, a troubling macro backdrop will continue to weigh on the sector in South Africa throughout 2020, according to a recent report from UBS.

17 Jan 2020

Brazil, India, Indonesia and China to Drive EM Bank Loans in 2020

UBS analysts predict a strong rebound in credit impulse for EM lenders, with earnings forecast to rise to their highest levels since 2012.

16 Jan 2020

World’s Largest Economies Enjoy Falling Unemployment as Wage Growth Stagnates

Brazil was the only country to buck the trend, after seeing a substantial rise in unemployment over the past five years.

16 Jan 2020

CEO CFO Insights

Sabanci CFO on the Pivot Towards High-Tech and Broadening Access to Long-Term Funding

Large firms often fear getting outshone by their smaller and more nimble rivals, but Sabanci Holding – one of Turkey’s largest industrial and financial conglomerates – has recently emerged from a period of deleveraging to go on the offensive, making a series of strategic acquisitions and capitalising on emerging market opportunities that place technology at the centre of its growth strategy over…

19 Dec 2019

Azizi Developments CFO Sees UAE Property Market Recovery in 2020

The UAE property market has made headlines throughout 2018 and 2019 – but largely for the wrong reasons, with oversupply and subdued demand straining balance sheets against the backdrop of sluggish economic growth. But not all property developers seem downbeat about the sector’s prospects. Fresh off securing the company’s debut credit rating, Mika Toivola, CFO, of Azizi Developments, a…

13 Nov 2019

GEMS Education CFO on Scaling the Multijurisdictional Treasury, Funding, and New Opportunities

An exclusive Bonds & Loans interview Ed Senior, acting CFO of GEMS Education, on the company's recent bond placement, acquisition of Ma’arif Education Group and key focus areas for 2020.

7 Nov 2019

SOCAR Finance GM Pursues Trade Finance Alternatives Following STAR Refinery Launch

SOCAR, Azerbaijan’s state oil and gas company, currently bears the mantle of the largest foreign direct investor in Turkey. The opening of SOCAR’s USD6.3bn STAR Refinery in October 2018 marked one of many major projects in the country. Bonds & Loans spoke with Elchin Ibadov, Finance and IT Deputy General Manager, about SOCAR’s bid to create a centralised treasury function, fostering operational…

24 Oct 2019

Investor Insights

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

Market sentiment on EM remains positive after the Phase One trade deal was signed. Data out of China is also supportive for EM. Key forward-looking data this week are Taiwan export orders and Korea trade data for the first 20 days of January. The global liquidity story also remains beneficial for risk, with the ECB, Norges Bank, BOC, and BOJ all set to maintain steady rates this week.

20 Jan 2020

US-China Trade, Global Protests, Cybersecurity Will Dominate Risks in 2020 – BlackRock

US-China trade tensions, global protests and cybersecurity are amongst the top three geopolitical risks to face markets in 2020, according to BlackRock.

20 Jan 2020

How EM Corporate Debt Came to Out-Perform US High Yield – TCW

The past decade has seen emerging market corporate debt come into its own as an asset class, on the back of diversification, growth, and relative valuations. US-based investor TCW analyses some of the reasons that EM corproate debt has diverged from US high yield, to become one of the highest yielding asset classes of 2019.

16 Jan 2020

Deal Case Studies

Saudi Arabia Prices Triple-Trancher, Leaving a Few Bips on the Table

The Kingdom of Saudi Arabia hit the market for the first time in 2020 to place USD5bn in bonds across three tranches, including a 35-year tranche – the country’s longest to date.

22 Jan 2020

CDC Group Inks USD400mn in New Deals As UK-Africa Investment Summit Kicks Off

UK-based development finance institution CDC Group has announced a raft of new deals with Africa-based counterparts totally USD400mn, mostly to support small and medium-sized businesses across the continent.

21 Jan 2020

Surprise IsBank USD750mn Issue Opens Up Turkish Bond Markets in 2019

It was the first subordinated bond by a Turkish FI this year.

21 Jan 2020

Niger State Looks to Borrow up to NGN25bn to Capital Markets

Niger State Governor Alhaji Abubakar Bello has written to the House of Assembly to request legislative approval to issue up to NGN25bn (approx. USD69mn) in sukuk.

21 Jan 2020

Want EM credit market insights delivered straight to your inbox?

Subscribe

Bonds & Loans
January / March 2020