Projects & Infrastructure
With BNDES reigned in, questions over infrastructure investment in Brazil remain
With reform on the horizon for BNDES, investment opportunities are likely to open up for private banks. Infrastructure projects will still receive assistance from the country’s state development bank, but in a less direct manner, experts suggest.
14 Jun 2016
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
Indian corporates forced to bond
Indian corporates will be forced to issue bonds to finance certain ventures. However, despite a pressured banking sector, stronger and better managed corporates would still be able to access bank financing.
1 Jun 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
African debt issuance dries up – for now
The scarcity of corporate bond issuances across Sub Saharan Africa follows a lack of sovereign issuance, with South Africa being the only country in the region to issue on the international markets this year. It appears that many corporates are reassessing their capital expenditure plans and funding needs, while states planning debt sales may wait until after a US interest rate rise.
19 May 2016
Middle Eastern debt drought evaporates
The real estate sector has been particularly active in Qatar, with two companies finalising deals on the international debt markets. The increase in debt issuance is not only reserved to this sector, many corporates and sovereigns in the Middle East have recently flooded the markets with debt.
19 May 2016
Financing Africa’s Infrastructure Pipeline
Most African economies look set to have a tough year ahead but one thing seems to remain consistent, whether in North, East, West or Central and Sub Saharan Africa: the thirst for infrastructure investment. According to the World Bank, Africa’s infrastructure deficit is estimated at US$38bn of investment per year and a further US$37bn per year in operations and maintenance. The total required…
16 May 2016
Falabella issues inflation-indexed bonds as inflation falls
Chile’s Falabella tapped the domestic market with a dual tranche bond. As with all long term debt in Chile, the longer duration notes are inflation-indexed bonds. But a recent strengthening of the country’s peso could lead to inflation falling in the near future, which could affect demand.
6 May 2016
Eskom set to receive loan
South Africa’s Eskom will receive a loan from the New Development Bank. The transaction highlights the vital role that Development Finance Institutions play in African infrastructure projects, but also raises questions over why a corporate connected to the state would need to access external funding.
25 Apr 2016