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Video: Mahmood Al Aradi, National Bank of Abu Dhabi (NBAD)
Mahmood Al Aradi, Co-Head of Wholesale Banking and Senior Managing Director Global Markets, National Bank of Abu Dhabi (NBAD) discusses current pricing and liquidity trends in the GCC region, as well as what sectors he thinks will drive credit activity.
9 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
Bahri docks additional SAR700mn loan
Saudi Arabia’s Bahri has recently and in quick succession tapped the domestic loan markets, including an Islamic loan. Although the loan markets have been affected by tightening liquidity, there are still ample funds within the Middle East to allow for continued loan operations.
6 May 2016
Emerging markets popularity could ease – but not as a result of dollar action
The recent rebound in the performance of emerging markets has renewed the interest of international investors. Although the threat of an increasingly strong dollar has subsided, and many currencies have stabilised, there remain deep concerns over the future growth of these markets, which could prompt a reversal of fortunes.
6 May 2016
Is Russia’s frosty relationship with international markets a boon for its debt?
With Russia’s Alfa bank looking to access the debt capital markets in the near future, and given a recent lack of Russian activity on the international markets, there is a possibility that Russian debt could prove to be as popular as Argentina’s recent bond debut – according to Russia’s Deputy Finance Minister. But is that really the case?
5 May 2016
Brazil’s Gol is losing its wings
Gol Linhas Aereas Inteligentes is looking to restructure its dollar denominated debts amid a worsening fiscal situation, and investors on some of its debts may have to accept heavy losses. There are plans in Brazil to stabilise the country’s currency, the real, which would provide some breathing space for the company, but it is still far from certain whether this will come to fruition.
5 May 2016
Kazakhstan downgrade has little effect
Kazakhstan has received another rating downgrade due to an economy weakened by low oil prices. Although the country’s currency has performed poorly as of late, worrying entities with dollar denominated loans, its markets have recently been buoyed a revival in oil markets.
4 May 2016
Turkiye Garanti Bankasi signs dual-currency loan
Turkiye Garanti Bankasi recently signed a benchmark sized dual currency loan deal with a syndication of international banks. The transaction highlights not only the interest of foreign entities in the Turkish debt space, but increased interest form Turkish entities in tapping international markets.
4 May 2016
Puerto Rico faces severe debt crisis
Puerto Rico is facing a severe repayments crisis. The territory has already defaulted on a large repayment due at the beginning of this month, albeit achieving slight damage limitation. A larger repayment looms in July, and it’s looking likely even holders of general obligation bonds are at risk of losing out on returns.
3 May 2016
Lafarge Africa looking to cement bond deal
Lafarge Africa is looking to tap Nigeria’s local currency debt markets to fund the acquisition and service the debts of another company it has taken over. Currency volatility and unfavourable yields contributed to the decision to issue in naira, as the depth of the local market provided a larger investor base.
3 May 2016