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IDB issues US$1.5bn sukuk
The Islamic Development Bank has issued a popular sukuk with a slightly lower yield than in previous issuances. The bank’s ability to continue issuing highly rated debt is becoming rarer in a region where many issuers have to offer increasingly high yields to attract investment.
10 Mar 2016
Kenya mobile bond calling
After its initial postponement, Kenya is looking to debut a bond accessible via mobile phones. The bond is likely to garner large interest though the accessibility of the mobile platform, low buy-ins compared to other government debt, and comparatively high returns.
10 Mar 2016
Brazil offers incentives to stimulate infrastructure bonds
Brazil is attempting to make its infrastructure bonds more attractive for investors as the country tries build up infrastructure in the midst of a recession, while simultaneously relieving some of the pressure on Brazil’s state development bank.
9 Mar 2016
Treasury View: Ihsan Fehmi Sözkesen, Albaraka Turk
Despite concerns over the country’s economy, Turkey stands out among other EMs as a market ready to benefit from the current upturn in emerging market sentiment. FDI forecasts are looking optimistic, the country has compelling fundamentals (including a young, dynamic population) and the local debt market is starting to heat up. We speak with Ihsan Fehmi Sözkesen, Senior Vice President, Head of…
9 Mar 2016
RAM ratings sees strong sukuk market for 2016
Despite a slowing global economy, RAM ratings expects sukuk issuance this year to remain high as the main Islamic financing hot spots look for additional capital to shore up their finances amid falling commodity prices, on which they have traditionally relied.
9 Mar 2016
America Movil hits the market with Euro denominated bond
Mexican corporates have and are continuing to successfully tap the international capital markets. The reason for their success in attracting investment when compared to other corporates in neighbouring Latin American countries lies in the relative resilience of the Mexican economy, not just in the region but compared to the majority of emerging markets globally.
9 Mar 2016
Brazil: Punishment in the right dose is healthy
The fiscal irresponsibility in recent years has not been limited to the federal government. The state and municipal governments have also disrespected the Fiscal Responsibility Law, if not directly, at least its spirit, often with the help of the National Treasury. The bill has now come due and the state governments are pressuring the central government for some relief. Missteps can aggravate the…
8 Mar 2016
Qatar looks abroad for foreign funding
Qatar is looking to borrow heavily from the international capital markets as it attempts to service a large deficit. Although the country is in better financial shape than most of its neighbours in the Gulf region, the country’s growing exposure to high levels of debt could become a concern.
8 Mar 2016
Bahrain’s long term credit ‘junked’ by Moody’s
Bahrain’s credit rating has taken another hit from a ratings agency as the country faces slimming revenues from falling commodity prices, combined with increasingly high exposure to rising debt levels.
8 Mar 2016
Emirates Global Aluminium Forges US$4.9bn Syndicated Loan
Emirates Global Aluminium’s (EGA) US$4.9bn 7-year syndicated facility was executed amidst tightening regional liquidity and emerging market turmoil, but which nevertheless secured aggressive pricing and participation from a wide group of investors.
7 Mar 2016