CEE & Turkey
CASE STUDY: QatarRE Scores Trio of Firsts on International Capital Market Debut
Qatar Reinsurance Company Limited (QatarRE) found a narrow window to launch its debut US$450mn hybrid Tier 2 notes to achieve a number of firsts including the most oversubscribed issuance from the MENA region, the tightest coupon on a hybrid capital issuance in the region, and the first US dollar denominated capital market issuance from an insurance company out of MENA.
27 Jun 2017
Should Indexing Remain a Business?
In constitution and performance, indexes are in large part designed to act as a mirror to the markets they reflect, with investors largely vying for ways to exploit information deficiencies and fleeting hunches to beat them. But in emerging markets, there is a huge discrepancy between the assets that compose these indexes and the actual asset class, raising fundamental questions about the purpose…
26 Jun 2017
Turkish Growth: Is 5% Too Good to be True?
Turkish policymakers finally got some breathing room earlier this month when official data unveiled that Turkey’s economy had grown at 5% in the first quarter of 2017, beating market consensus by more than 1% while raising suspicion among economists
21 Jun 2017
Emerging Markets: Keep Calm and Carry Trade
Emerging market corporate bonds have become a hit with investors in recent years as improving fundamental and good governance practices have sent default rates plunging to record lows. Despite fears around an EM debt bubble emerging, fund managers seem resolutely upbeat about the asset class.
31 May 2017
Olam Africa, Middle East CFO: Challenging Times, Huge Growth Opportunities in Agribusiness
A number of African economies this year were hit with turbulent commodity prices and severe drought, weighing on the outlook for the region’s agricultural industry. In a region that focuses so strongly on food security, never has there been more impetus on delivering new efficiencies to the agribusiness sector.
31 May 2017
Political influence Threatens Turkey’s Ability to Control Inflation
As Turkey’s inflation rate surges to levels not seen since the 2008 financial crisis, it will be up to the Central Bank not only to control rising prices, but to break free from political interference.
25 May 2017
Off the Record: GCC CFOs and Treasurers See Big Changes in 2017
Many column inches have been filled with talk of low oil prices, liquidity, and budget deficits in the GCC, but how are these challenges affecting borrowers? Bonds & Loans spoke to more than 20 CFOs and Treasurers at GFC Media Group’s Bonds, Loans & Sukuk Middle East Conference in Dubai to get a sense of how their funding strategies have evolved against this backdrop.
24 May 2017
CASE STUDY: Ezdan Draws Out Tenors with US$460mn Syndication
Ezdan Holding Group, Qatar’s largest privately-owned real estate developer, raised US$460mn through a competitively priced syndication in a bid to help refinance existing maturities and extend the tenor of existing debt.
22 May 2017
CASE STUDY: NBAD Blazes a Trail with First MENA Green Bond
UAE-based lender National Bank of Abu Dhabi (NBAD) broke new ground by becoming the first MENA issuer to tap the green finance markets with a debut US$587mn 5-year green bond. The deal marked the largest size and tightest spread for an FI green issuance across the emerging market space, excluding China.
17 May 2017
CASE STUDY: Kuwait US$8bn Debut Marks Largest Dual Tranche Bond in Emerging Markets
Kuwait maintained GCC sovereign mega-bond momentum, tapping the markets for an aggregate of US$8bn in the biggest ever EM dual-tranche issuance. Kuwait’s debut on global debt capital markets marks the biggest CEEMEA transaction this year to date.
9 May 2017