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CEE & Turkey

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

GCC Issuance Set to Dominate Sukuk Market for Coming Years

Since Saudi Arabia’s debut sovereign sukuk issuance in 2017, the size of global sukuk markets has exploded. But primary market activity has been dominated by sovereign issuance, with corporates continuing to make up only a small share of the pipeline. Whether this trend will continue remains unclear, and raises serious questions about the long-term potential of the asset class.

1 Apr 2019

Eurasia Group: US-China Spat Could Weigh on GCC

Strategically positioned between the US and Asia, the GCC relies heavily on governments and markets in both regions for policy support, investment, and commodities demand. As China and the US double down on opposing trade positions in their pursuit of global economic hegemony, the GCC risks getting caught in the crossfire, according to Ayham Kamel, Practice Head for MENA at Eurasia Group.

27 Mar 2019

Boosting the Capital Corridor Between Asia and the Middle East

Whether in terms of trade, commerce, or cultural linkages, Gulf Co-operation Council (GCC) states have become increasingly diverse in their international ties over the past decade – with those linking the region to Asia emerging as one of the most critical corridors of economic activity. But how can GCC borrowers capitalise on emerging funding opportunities brought about by these deepening…

21 Mar 2019

The Growth of Sustainable Finance in MENA

The global green bond market has over the past five years grown from virtually nothing into a broad sustainability-linked fixed income asset class, paying financial dividends while tackling some of the world’s most pressing climate and sustainability-related challenges. As Middle Eastern governments redouble their efforts to diversify their energy sectors and wider economies, will 2019 be the…

14 Mar 2019

CASE STUDY: Al Dur Power & Water Company Secures USD1.34bn Refinancing Despites Headwinds

Following Al Dur Power & Water Company’s (Al Dur) debut project financing transaction in 2009, the project company returned to the financial markets last year to refinance its outstanding debt. Navigating difficult macroeconomic conditions, alongside broader EM volatility, Al Dur secured a complex USD1.3bn refinancing package from an assortment of national and international lenders.

26 Feb 2019

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