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Top Dealmaker: Cécile Camilli, Societe Generale CIB
Cécile Camilli is Head of CEEMEA DCM at Societe Generale Corporate & Investment Banking. She has more than 15 years of experience in emerging market debt. Since 2013, and is responsible for DCM origination in CEEMEA, advising Corporates, Financial Institutions and Sovereigns of the region. Cecile and her team have been winning numerous landmark mandates from issuers in Russia, Eastern Europe,…
22 Jul 2016
CASE STUDY: Mass Energy Group boosts power supply to Iraq with IPP
Against a backdrop of a deteriorating security environment and growing energy demands, Mass Energy Group Holding secured a US$375mn project finance facility to upgrade a gas fired power plant in the Sulaimaniya Governorate in the Kurdistan Region of Iraq.
21 Jul 2016
CASE STUDY: ACWA closes largest IPP refinancing deal in MENA
ACWA Power successfully refinanced existing facilities related to its 1204 MW Rabigh1 power plant with a US$1.828bn triple-tranche conventional and Islamic funding package in what is being pegged as the largest IPP refinancing deal in MENA to date, a huge achievement for the company and its shareholders.
21 Jul 2016
EM flows surge but downgrade risk persists
The week ending July 15 was the strongest week for portfolio inflows to emerging markets since the US Federal Reserve delayed quantitative easing tapering in September 2013, according to the IIF. EM investors believe we may yet continue to see strong flows as US growth continues trending higher, but EM downgrades could still throw a spanner in the works.
20 Jul 2016
CASE STUDY: América Móvil upsizes benchmark sized Euro bonds
América Móvil launched a benchmark-sized Eurobonds during a window that saw improving market sentiment, which allowed the telecoms incumbent to tighten pricing and attract strong demand from real money accounts.
19 Jul 2016
Short term stability, long-term uncertainty in Turkey following coup attempt
A coup attempt in Turkey has stirred the country’s markets, sending its currency down and yields on government bonds higher. While the coup attempt was short-lived and markets seem to be calming, EM investors and analysts suggest the event could have far reaching implications for Turkish credit over the long term.
19 Jul 2016
Does Poland’s Economy Face Insider Threats From Its New Government?
Law & Justice (PiS), the Polish populist party that won last year’s November election, has caused concern over its economic policies for those with financial interests in the country. Plans for a forced re-denomination of Swiss franc mortgages alongside a recently introduced asset tax have fuelled fears over the health of its banking sector. Institutional independence is another worry, especially…
15 Jul 2016
Fitch: Inflation, high debt servicing costs weighing on Colombian corporates
Colombia has seen issuance volume decline in local and international markets as cash flow pressures and inflation begin to weigh on the country’s corporates, according to analysts from Fitch Ratings. Investors seem more optimistic about the long-term viability of the Colombia’s capital markets.
15 Jul 2016
PKO readies Euro-denominated covered bond sale
The mortgage unit of Poland’s largest lender is preparing to sell €500mn in covered bonds, according to a recent interview with PKO Bank Hipoteczny CEO Rafal Kozlowsk. Analysts suggests the move could be a sign of more covered bond deals to come out of some EMs.
14 Jul 2016
Change is coming to Kenya’s banking sector
Kenya’s banking sector has seen a worrying rise in NPLs and a decaying deposit base. With three banks placed under receivership by Kenya’s Central Bank in less than a year and stiffer capital adequacy regulations in the offing, we speak with Linet Muriungi, Head of Research and Edwin Chui, Senior Fixed Income and Banking Sector Analyst at Dyer & Blair Investment Bank about the impact on the…
14 Jul 2016