CEE & Turkey
As Basel III Deadlines Approach, Banks in the Middle East Seek Alternative Forms of Fundraising
The market for Additional Tier 1 and Tier 2 bonds issued out of the Middle East has blossomed since Abu Dhabi Islamic Bank broke ground on the first Basel III-compliant public Tier 1 capital issuance in 2012.
2 May 2018
GCC Corporates Adapt to New Normal – but Hopes for Bond Market Revolution Could be Dashed
Gulf sovereigns tapped the debt market on an unprecedented scale over the past couple of years as banking liquidity tightened and the hunt for yield pushed investors into new territory, setting the stage for more non-financial corporate bond issuance and a huge funding culture shift among the region’s enterprises. But there may be reason to believe what began to be seen as a funding revolution in…
13 Apr 2018
Former Lebanese Minister of Economy Nasser Saidi on Five Themes to Dominate Middle East in 2018
US and EU monetary policy normalisation, the price of oil, and the pace of economic transformation are top of mind for many following the GCC, but the key risks – and opportunities – present in the region are both deeper and wider than is often appreciated.
10 Apr 2018
Pro-Western Stans: Central Asian Republics Mulling Capital Markets Push
Just a few years ago, barely any debt capital markets investors would have paid much attention to regions like Central Asia and the CIS. Yet with overwhelming demand for sovereign notes issued by the likes of Belarus and Tajikistan, regular issues from Kazakhstan and a highly anticipated debut Eurobond from Uzbekistan, the region is putting itself on the EM fixed income map.
4 Apr 2018
SWOT Analysis: Projects, ECA and Structured Finance in MENA
In advance of our Project, ECA and Structured Finance Middle East & Africa 2018 conference and forthcoming special report on the subject, Bonds & Loans visited the region to meet with a broad range of finance leaders in order to gain a sense of the risks and opportunities on the horizon.
22 Mar 2018
CASE STUDY: Albaraka Turk Makes History with Turkey’s First Additional Tier 1 Deal
Albaraka Turk extended its reputation as a pioneer in the sukuk market last month, issuing the country’s first Basel III-compliant Additional Tier 1 capital notes – in a Sharia-compliant privately placed, publicly listed format, no less.
14 Mar 2018
Post-Arab Spring North Africa Could Dominate Key Sectors
In 2011 winds of change swept through MENA, and what followed was a tumultuous period for many African economies in particular. Seven years on, some, like Libya, are still struggling to recover from the turmoil, but others, like Tunisia or Morocco, are revitalized and in many ways emboldened. Indeed, many of their markets have much to show for it.
13 Mar 2018
GCC Lending Transformation Continues
As GCC borrowers continue to evolve and grow in complexity and ambition, market conditions – particularly in the region and in the global economy more broadly – appear to be reaching a crucial turning point.
8 Mar 2018
Ukraine Makes Strides Forward Despite Lingering Corruption Woes
After a traumatic few years catalysed by the annexation of Crimea and the ensuing civil conflict with its easternmost regions, Ukraine has developed a certain degree of flexibility in managing a series of shocks encountered since. But a lack of progress on crucial reforms, political mismanagement, and consistent lack of access to credit for key sectors like agriculture threaten the progress…
21 Feb 2018
Bonds & Loans Turkey Awards: Winners in 2018
Despite a conspicuous rise in tensions between Turkey and some of its closest neighbours and allies, the country finished 2017 as one of the fastest growing economies in the world – thanks in part to an unprecedented fiscal stimulus that helped among other things stoke the continued deepening of the capital markets. Against that backdrop, a number of leading issuers and borrowers once again set…
20 Feb 2018