CEE & Turkey
Brown Brothers Harriman: Frontier Sovereign Rating Model for Q1 2018
Brown Brothers Harriman: produced the following ratings model to assess relative sovereign risk in Frontier Markets. A country’s score directly reflects its creditworthiness and underlying ability to service its external debt obligations.
15 Feb 2018
CASE STUDY: ADNOC Makes Record-Setting Debut with USD3bn Bond
The Abu Dhabi National Oil Company’s (ADNOC) hugely successful debut capital markets transaction, a USD 3bn dual-tranche bond, achieved a number of milestones – it was the largest single-currency corporate issuance in the GCC, one of the largest in the Middle East’s corporate history – and marked the start of a bold new financing strategy at the state-owned oil company.
6 Feb 2018
Globalising Sukuk: Diversifying Investment with Price-Competitive, Ethical Assets
Sukuk – sharia-compliant bonds – may have risen to prominence in majority-Muslim countries over the past two decades, but their appeal has clearly gained momentum among a diverse group of stakeholders – and for good reason. These instruments offer borrowers ethical, price-competitive ways of diversifying their investments and raising new capital - just some of the reasons why global sukuk…
1 Feb 2018
Sunny Outlook for Egypt’s Renewables as DFIs Make Way for Commercial Banks
The first two stages of the Egyptian government’s solar and wind programme have been somewhat hit-and-miss, but increased development bank involvement sets the next stage on a path to encourage wider private sector participation. Third time’s a charm – but only if local and commercial lenders play their part, analysts suggest.
23 Jan 2018
2018 Outlook for Emerging and Frontier Markets
2017 has been an amazingly profitable year for investors in emerging and frontier markets. As uncertainty takes hold, driven by a hawkish Fed outlook and China's slowdown, Mark Mobius, the outgoing Chairman of Franklin Templeton's Emerging Market Group, takes a parting shot at predicting what the coming year has in store for the markets.
12 Jan 2018
Middle East CFOs Eye New Credit Funding Opportunities
Boosted by a positive global outlook and rising oil prices and despite growing geopolitical risk, top corporate, quasi-sovereign and sovereign CFOs, Group Treasurers and Heads of Debt Management in the Middle East were resolutely optimistic about the financial prospects of their organisations heading into Q4, according to our most recent Middle East CFO Market Sentiment Monitor.
5 Jan 2018
For Bond Bankers and Capital Markets Experts, MIFID II Raises More Questions than Answers
As Europe continues to steam ahead towards the 3 January implementation date for the Markets in Financial Instruments Directive II (MiFID II), the continent’s ambitious sequel aimed at making its financial industry safer and more transparent, a lack of certainty around how the rules will be applied is putting bond bankers on edge and prompting difficult questions about how the banking sector is…
18 Dec 2017
Off The Record: The Top 5 Emerging Market Credit Trends in 2018
It has been a stellar year for emerging market credit, with most of the key benchmark indices outperforming and EM fundamentals broadly improving – while the global economy continues to heat up. But with QE – one of the main forces driving yield-hungry investors into EMs – winding down, a slew of EM elections on the horizon, and uncertainty over the direction of large developed economies like the…
7 Dec 2017
CASE STUDY: KNPC Seals USD6.245bn Loan in Largest ECA-Backed Corporate Transaction Ever
Kuwait National Petroleum Company’s (KNPC) USD6.245bn ECA-backed loan was a triumph for the company’s Clean Fuel Project and the region’s credit markets, setting a new record for the largest ECA-backed corporate loan to date.
5 Dec 2017
Emerging Markets FX Technical Picture: How Far Can This Correction Go?
How far can this EM FX correction go? Since mid-November, the greenback has been broadly softer due to a variety of factors. EM FX has taken advantage of this, and the top EM performers are ZAR (+5.5%), MXN (+3.8%), and RUB (+3%). TRY has been noticeably lagging, -1.4% since November 15. Many EM currencies are starting to bump up against key chart points, and so the dollar may finally get some…
1 Dec 2017