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Islamic Finance

Bonds & Loans Turkey Awards: Winners in 2018

Despite a conspicuous rise in tensions between Turkey and some of its closest neighbours and allies, the country finished 2017 as one of the fastest growing economies in the world – thanks in part to an unprecedented fiscal stimulus that helped among other things stoke the continued deepening of the capital markets. Against that backdrop, a number of leading issuers and borrowers once again set…

20 Feb 2018

Standardisation and Harmonisation Will Propel the Sukuk Market Forward

Almost 20 years ago, global fixed income investors scarcely heard of the word ‘sukuk’, let alone understood the asset’s unique structural features or benefits. Much has changed since, with the global sukuk issuance topping USD74.8bn at the end of 2016. But with the asset class’ impressive growth being hamstrung by liquidity shortages and a lack of global standards, the development and…

14 Feb 2018

Middle East CFOs Eye New Credit Funding Opportunities

Boosted by a positive global outlook and rising oil prices and despite growing geopolitical risk, top corporate, quasi-sovereign and sovereign CFOs, Group Treasurers and Heads of Debt Management in the Middle East were resolutely optimistic about the financial prospects of their organisations heading into Q4, according to our most recent Middle East CFO Market Sentiment Monitor.

5 Jan 2018

Russia, CIS, Europe & Turkey Credit Markets Brief: 02 November – 16 November

Petropavlovsk sold USD500mn of fresh debt –– PSB gets downgraded – Rosneft’s shares take a hit due to Venezuelan crisis – Venezuela and Russia agree on debt restructuring –ABLV placed USD40mn of unsubordinated notes – Belarus to issue USD600mn next year – The government to support Turkey’s export sector

16 Nov 2017

Middle East Credit Markets Brief: 25 October – 08 November

Saudi bonds fall as officials arrested amid anti-graft crackdown – Saudi PFI to contribute USD20-40bn to Blackstone-run fund – Egypt secures USD653mn financing for 13 solar projects – APICORP to issue USD500mn sukuk – ADNOC eager to pen USD6bn loan from syndicate of 13 banks – Bank Sohar issues a OMR100mn perp – Bahrain reportedly calls for GCC to freeze Qatar membership

8 Nov 2017

Africa Credit Markets Brief: 18 October – 01 November

BADEA to support economic development in the continent – SA budget deficit rose 4.3% – AfDB suspended a loan to Nigeria – Kenya to reopen 5-year notes – Ghana issued USD1.3bn of fresh debt – Tanzania struck a deal with Barrick Gold for USD300mn – Inflation in Zambia dropped – Zimbabwe hopes to cut budget deficit to 4%

1 Nov 2017

CASE STUDY: Tabreed’s Innovative Islamic Loan Paves the Way for Future Sukuk Deal

Abu Dhabi-based National Central Cooling Company PJSC, better known as Tabreed, secured its first club loan through an AED1.5bn 10-year sharia-compliant facility, enabling the company to extended its debt maturity profile and appeal to new pockets of global and regional investors.

27 Oct 2017

Middle East Credit Markets Brief: 11 October – 25 October

GCC nations issued USD50.1bn of debt in 2017 – Flynas to start operating flights to Iran – KSA sold a SAR10bn in local sukuk – Abu Dhabi Commercial Bank issued a USD315mn kangaroo bond – QNB to refinance a USD3bn loan – Noga issued a USD1bn bond – Warba Bank syndicating a USD250mn loan – Jordan sold USD1bn of fresh debt – OETC considering a USD-denominated sukuk

25 Oct 2017

Africa Credit Markets Brief: 04 October – 18 October

AfDB approved a USD200mn funding facility for private sector projects –Foreign investors bought ZAR18bn of SA bonds – Zuma could face new corruption charges – Fidelity Bank tapped the international markets – IMF concerned about Nigeria’s debt – Ethiopia devalued its currency – CBK placed a 5-year bond – Mauritius to hit the local currency markets

18 Oct 2017

Middle East Credit Markets Brief: 27 September – 11 October

Syndicated lending in EMEA down 9% to USD610bn in 2017 – Abu Dhabi’s USD10bn bond 3x oversubscribed – UAE’s Ajman Bank secures USD200mn syndicated Islamic loan – UAE banks looking to ditch Qatari assets over GCC rift – Saudi Aramco on course to complete IPO in 2018 – Saudi Arabia issues USD12.5bn international bond – Qatar mulling USD9-11bn bond sale

11 Oct 2017

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