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Central and Eastern European sovereign bond markets came to life in the second quarter of 2019, a period that saw a sharp rise in traditional US dollar borrowers – and investors – switching into euro notes across the region. The dynamic reflects a tangible recovery in EM debt sales amidst the ECB’s and the Fed’s dovish tilt, but just how long the hunt for yield will prevail is far from clear.
29 Jul 2019
UAE-based lifestyle conglomerate Majid Al Futtaim broke new ground earlier this year when the company placed the world’s first benchmark-sized corporate green sukuk. Bonds & Loans spoke with John Arentz, Head of Treasury at Majid Al Futtaim, about the company’s green capital markets debut, the strategy underpinning the transaction, and why – green bond or not – treasurers need to bolster their…
26 Jul 2019
After a slide on the lira in August 2018, followed by creeping inflation, Turkish corporates have had a rough year. One sector that has rode out the storm unscathed however, has been renewable energy developers. Bonds & Loans speaks with Hakan Aras, Chief Financial Officer for Borusan EnBW Enerji about ECA financing, Chinese investment and the company’s expansion plans.
18 Jul 2019
A recent court ruling to reverse the National Bank of Ukraine’s decision to nationalise ailing lender PrivatBank sent the country’s banking system into disarray and even raised doubts over the country’s EU ascension prospects. The case, which some see as one of the first test-drives for the post-crisis era EU Bank Recovery and Resolution Directives, is significant not just for the country’s…
12 Jul 2019
After enduring significant volatility in 2018, many Turkish corporates are struggling to keep their balance sheet in order and retain access to affordable financing. Some, however, like Turkcell – the country’s largest telecommunications operator – are bucking the trend. Bonds & Loans speaks with Osman Yilmaz, Chief Financial Officer of Turkcell about the company’s shift towards an asset-light…
10 Jul 2019
A closer look at the major strengths, weaknesses, opportunities and threats influencing the investment and debt capital markets climate in the GCC economies.
27 Jun 2019
The growth of the GCC debt capital markets in the first decade of this century was reasonably stunted as the region’s need for debt funding was negligible in the face of abundant liquidity ensuing from high oil prices. Due in large part to its sources of revenue and the prevalence of currency pegs, the region’s borrowers have predominately relied on US dollar funding. But as the region’s…
18 Jun 2019
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
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
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