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CEE & Turkey

CASE STUDY: EGA Secures USD6.5bn Loan amid Favourable Markets

The UAE-based aluminium giant timed its return to the loan market perfectly with a jumbo deal that attracted participation of 25 financial institutions and was arranged in less than three months.

11 Jun 2019

CASE STUDY: Almarai’s USD500mn Issue Marks First Corporate International Sukuk out of Saudi

The benchmark-sized international debut sukuk received more than USD5bn worth of orders – a similar level of oversubscription to the recent Saudi Aramco jumbo bond, a tremendous start to the Saudi dairy giant’s new USD2bn Islamic finance programme.

21 May 2019

Buoyant Markets Herald Strong Start for GCC Credits in 2019: Where Next for the Region?

With further bond index inclusion on the horizon and oil prices holding steady, CFOs and Treasurers are optimistic about the GCC region’s credit market prospects. But the accelerated pace at which today’s markets are evolving is reducing long-term visibility and raising questions over the kind of macro and monetary policy environment borrowers and investors are likely to find themselves in going…

16 May 2019

Hungary Whets Investors’ Appetite with Corporate Bond Support Programme

The government intends to foster growth of the local debt capital markets by hoovering up as much as HUF300bn worth of corporate bonds, but how the Central Bank’s recent hawkish signals and intent to load up the balance sheet squares with those plans is raising questions among investors.

10 May 2019

Turkey Looks East for Much-Needed FDI Boost

Asian investors are being sought as natural candidates for a revival of foreign investment in Turkey, according to CFOs, bankers and investors who spoke with Bonds & Loans on a recent research trip to Istanbul. Whether investors in the Far East oblige is another question entirely.

3 May 2019

CASE STUDY: Investors Sink Their Teeth into Triple-Tranche EUR3bn Romania Sovereign Bond

Romania’s Eurobond, the largest ever from the country’s Finance Ministry and first EUR-denominated triple-tranche from a sovereign issuer in 2.5 years, has raised the stakes in the typically quiet CEE debt markets.

1 May 2019

Ashmore Group: Beware of Big Fiscal

Having exhausted most monetary policy levers, fiscal stimulus appears to be the ultimate go-to solution for lack of growth in the developed world – but it is often very costly, and tends to stand in the way of deeper, much-needed structural reform. Ashmore's Jan Dehn looks at how this dilemma may be resolved.

30 Apr 2019

CASE STUDY: FAB Issues World’s First Intraday Sukuk

First Abu Dhabi Bank marked MENA’s debut public sukuk issuance in 2019 with its USD1bn senior sukuk. Riding on a wave of investor demand, the bank tapped the market twice, securing the largest single public issuance from a conventional bank sukuk in the region.

25 Apr 2019

Turkey Tests Limits of Economic Policy Driven by Election Cycles

The Turkish economy appears to have overcome another perilous stretch of volatility, but in the absence of any structural reforms, and with continued reliance on foreign capital to sustain credit-driven growth, often in synchronisation with the political cycle, long-term prospects will remain hazy at best.

16 Apr 2019

China-US Tensions, War with Iran Dominate Medium-Term GCC Risk Landscape

Despite a positive macro outlook, a blend of rapidly rising regional tensions and an evolving trade dispute between China and the US will weigh more heavily than previously thought on the GCC’s economic prospects in the medium term, argues Dr. Nasser Saidi, Founder and President of Nasser Saidi & Associates and Lebanon’s former Minister of Economy.

4 Apr 2019

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