CASE STUDY: DP World issues largest single-tranche sukuk in ME since 2014

DP World’s recent US$1.2bn sukuk maturing in 2023 is the first gross throughput capacity-based wakala sukuk structure in the global ports industry. The issuance is also the largest single tranche corporate sukuk to emerge from the Middle East since 2014.

8 Jun 2016

Noor Bank scales capital market activities with Basel III in sight

Noor Bank’s recently issued Tier 1 sukuk is a sign compliance with Basel III requirement is edging upward on the agenda of various banks across the Middle East. Far from restricting entities in what they can lend or borrow, it has enabled them to make wiser choices when accessing or lending capital.

31 May 2016

MTN Uganda calls up banks for US$114mn loan

MTN Uganda’s loan is a rare transaction amid low fixed income activity in the country. The deal attracted the interest of international lenders due to the strength of the borrower in the region’s markets, which assisted in achieving competitive pricing.

27 May 2016

Qatar surprises markets with record US$9bn bond

Despite Qatar’s record breaking bond surprising the markets, it is unlikely that there will be a large shift in the pricing of Middle Eastern debt unless the majority of investors that bought the bond were local. It is also unlikely to cause other issuers in the region from saturating domestic or international markets.

26 May 2016

Are Middle Eastern lenders losing ground to international heavyweights?

The increasing participation of international lenders, including Asian banks, on debt transactions in the Middle East is a sign that local lenders are suffering from a shortage of liquidity. However, deposit rates are increasing in some Gulf countries, and there is still liquidity in some countries’ banking sectors, although lending has been contained to banks’ local markets.

26 May 2016

On The Horizon in EMs

Deals, rating actions, currency movements, policy changes, and the occasional bit of hearsay. Here is your daily snapshot of what’s happening, and what’s on the horizon, in emerging markets.

25 May 2016

CASE STUDY: A Strategically Important Deal For Egypt’s Hydrocarbon Industry

Amiral Holdings Limited’s US$266mn project finance deal was structured against a backdrop of significant currency volatility, a sagging economy, and political turmoil. The deal is critical for the expansion of the petroleum industry in Egypt.

25 May 2016

CASE STUDY: Orpic’s Innovative US$6.4bn Project Finance Deal Bolsters Omani Petrochemicals Market

Oman Oil Refineries and Petroleum Industries Company’s (Orpic) US$6.4bn project financing deal was one of the largest of its kind to close in 2016 and will allow the company to develop Oman’s first polyethylene plant, fuelling the development of the country’s petrochemicals market.

25 May 2016

Russia’s sovereign bond divides hearts and minds

Russia last issued a sovereign bond in 2013. With a new Eurobond issuance looming, many investors are split over whether to buy the bonds on concerns over sanctions. Regardless of their actions, it is likely that the bond will meet large demand from Russian entities.

24 May 2016

Jordan’s Central Bank issues debut sukuk

The Jordanian Central Bank’s issued its debut sukuk this week. The high demand for the Islamic bond demonstrates the interest in Sharia compliant forms of financing, and will likely lead to further issuances from other Jordanian entities according to analysts.

24 May 2016

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