CEE & Turkey
Turkey’s Sovereign Wealth Fund Promises Better Governance, More Synergies to Bolster Returns
Details about Turkiye Varlik Fonu, Turkiye Wealth Fund tasked with generating over US$200bn in economic activity in the years to come, have been scarce since the fund was put in place last year. We speak with Mehmet Bostan, the well-known banker assigned with setting up and managing the fund, about how TVF is positioning itself to jolt the economy back to life and make Turkish companies more…
8 May 2017
CASE STUDY: Saudi Sets Islamic Finance Benchmark with Record US$9bn Sukuk
After wowing the markets with its landmark US$17.5bn sovereign bond, the KSA repeated the trick on the Islamic finance side, issuing the largest sukuk in history and pricing effectively flat to the conventional sovereign curve.
3 May 2017
CASE STUDY: Etihad Lands Largest Sukuk Debut in MENA Aviation History
UAE-based airline Etihad Airways tapped the Islamic finance market with the largest ever sukuk issuance in the MENA region’s aviation history to date, an impressive debut.
2 May 2017
CASE STUDY: EQUATE Breaks Barriers for GCC Corporate Issuers with US$500mn Debut Sukuk
EQUATE Petrochemicals made its debuted in the international Islamic markets with a US$500mn hybrid Ijara/Murabaha sukuk issuance – the first such deal for a Kuwaiti corporate. A more than 7x oversubscription rate provides a new boost to EQUATE’s success story as it looks to fulfil its US$2bn sukuk programme.
26 Apr 2017
Czech, Please? Speculators Hesitate as De-Capped Koruna Rally Falters
Strong signalling and early exit from the currency cap allowed the Czech Central Bank to avoid FX volatility, but currency traders were left in limbo as a Swiss-style post-flotation appreciation failed to materialise.
25 Apr 2017
Referendum Result Puts Reform in Focus in Turkey
With one of the most controversial referendums in Turkish history having come to pass and growth on the rebound, analysts are now focusing their attention on whether AKP will succeed in refocusing on the reform agenda that ushered in the party’s initial success in 2002.
24 Apr 2017
Oman Shipping Company CFO Charts Course for Successful Financial Management During a Downturn
Managing the financing strategy of a large commodity-linked enterprise like Oman Shipping Company is challenging enough during the best of times. We speak with Venugopal Venkatesh, CFO at Oman Shipping Company about one of the company’s recent landmark transactions, and about how he would advise other CFOs managing their treasury strategies during an economic downturn.
7 Apr 2017
CASE STUDY: KNPC Scores Largest Dual-Tranche Syndicate Loan in Kuwait to Date
The deal was the largest ever syndicated Kuwaiti Dinar financing in the country. NBK acted as Coordinator, Initial Mandated Lead Arranger and Global Facility Agent for the KWD710mn KNPC Conventional Facility and KWD490mn Murabaha Islamic Facility for the Clean Fuels Project.
30 Mar 2017
Turkey Represents a Big and Difficult Call for Emerging Market Investors This Year
There are good reasons to be cautious around Turkey this year, given well-known concerns over security and domestic political stability exacerbated by polarisation as we head towards the scheduled referendum over the introduction of an Executive Presidency. Turkey’s well known Achilles heel, large external financing requirements (around US$200bn, double the country’s foreign exchange reserves),…
20 Mar 2017
CASE STUDY: Tofas Drives International Appetite for €200mn ECA-Backed Facility
Tofas Turk Otomobil Fabrikasi A.S. secured a €200mn ECA-back term loan facility against a backdrop of increasing emerging market volatility. The deal was critical for the development of the country’s automotive industry, and helped Tofas Turk finance the development of two new car models.
9 Mar 2017