Projects & Infrastructure

As MENA’s Economic Prospects Strengthen, Will Uncertainty Around PPPs Fade?

Following years of oil price-driven fiscal deficits, the latest data suggests growth in the MENA region is due to pick up in 2018 and 2019 – but will those renewed growth prospects lead governments to reconsider moving forward with a raft of critical projects that many were forced to delay? Analysts are optimistic, but whether those projects are financed through PPPs or more traditional…

24 Oct 2017

Brazil: Pushing the Right Buttons

The past 15 years in Brazil were marked by retrogression in the electricity sector, with questionable investments and misguided regulations. The Rousseff administration aggravated the situation alarmingly. There was no lack of warnings from specialists. There was too little dialog and too much incompetence. More recent developments suggest that likely solutions to the sector’s woes can often come…

23 Oct 2017

Russia, CIS, Europe & Turkey Credit Markets Brief: 05 October- 19 October

Western sanctions against Russia could stay in place for the next 10 years – Russia Railways issued a RUB15bn bond – Belarus could face further rate cuts – Kazakhstan’s Central Bank to sell USD1bn in assets – Hungary tapped the markets with 10-year notes – Diplomatic tensions take a toll on Turkey’s assets – Tupras sold USD700mn of fresh debt

19 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

CASE STUDY: After a Year of Preparation, ACWA Power Comes Through with Blockbuster Debut Bond

Saudi Arabia-based ACWA Power placed a USD814mn bond with a 22-year maturity in the international markets in May, an impressive debut following a year of planning and structuring. The transaction allowed the company to diversify its investor base and extend its maturity profile.

16 Oct 2017

Latin America Credit Markets Brief: 28 September-12 October

UK aims to bolster trade relationships with South America – Mexico issued a USD1.8bn bond – Grupo Bimbo tapped the local markets with 10-year notes – IFC to invest USD200 in a plant in Brazil – Brazil sold USD3bn of fresh debt – Argentina to grow 3% in 2017 – Venezuela’s inflation to hit 2,300% in 2018 – Chile’s Colbun issued a 10-year bond – Venezuela’s securities hit a three-year high – El…

12 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

Russia, CIS, Europe & Turkey Credit Markets Brief: 21 September- 5 October

B&N and Otkrite to merge – Sberbank to withdraw from some European countries – Sibur issued a USD500mn bond – Armenia holds rates – Slovenia places a EUR700mn bond – Turkey to issue gold-backed instruments – Yields on Spain’s bonds spike after referendum

5 Oct 2017

Africa Credit Markets Brief: 20 September – 04 October

African Development Bank tapped the international markets – South Africa issued dollar bonds worth USD2.5bn – NPLs rise in Nigeria – Nigeria raises NGN105.87 through maiden sovereign sukuk - Kenya Airways is looking to restructure debt – Ghana holds rates – Zimbabwe gets a USD600mn credit line from Afreximbank

4 Oct 2017

Latin America Credit Markets Brief: 14 September – 28 September

The Fed slows rate hikes – AT&T mulls LatAm payTV divestment – Amazon Inc. to build gigantic Mexican distribution warehouse – Mexico quake to trim GDP by 0.1-0.3% - Petrobras completes swap – Temer’s approval ratings at all-time low – Argentina outlook mixed, current account data suggests – Peru lowers policy rate for third time in 2017 – Venezuela running out of fiscal room – Chile MinFin says…

28 Sept 2017

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