CEE & Turkey
The Favourite: Why Do Market-Friendly Politicians Fall from Grace?
The emergence of a ‘market-friendly’ candidate has become a regular feature in modern election campaigns. But often such candidates fail to deliver on their economic promises, either because of domestic political constraints, tough external conditions, or misplaced belief in their pro-market sentiment.
3 Jan 2019
Emerging Markets in 2019: What’s in Store for The Asset Class?
This year was not particularly forgiving for emerging market assets. Rising US interest rates and a strengthening US dollar coupled with a wider shift from quantitative easing to tightening led to broad-based repricing across the investment landscape. It was also a year that saw political and policy uncertainty, trade wars, and commodity and asset price volatility weigh heavily on market…
28 Dec 2018
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
Global growth concerns are likely to keep EM on its back foot. China and the eurozone reported weak economic data Friday, and even a much stronger than expected US retail sales report was not enough to turn market sentiment.
17 Dec 2018
Omantel Treasurer: Increased Funding Costs, IFRS9 to Weigh on Capex-Heavy Sectors in GCC
Omantel, Oman’s majority state-owned telecommunications company, last year completed a USD2.25bn acquisition of shares in Zain Group, a regional competitor. The deal was funded with a bridge loan that was later refinanced with a term loan and the largest corporate bond issued out of the country – a dual-tranche senior secured offering which attracted a wide group of investors from around the…
7 Dec 2018
MEGA in MENA: Large-Scale Infrastructure Pipeline Deepens and Broadens as PPP Rules Gather Pace
The GCC is rarely known for doing anything in half-measures, and infrastructure projects – which have grown in number and size in recent years – are no exception.
4 Dec 2018
HSBC Turkey on External Corporate Funding, Asian Capital Links, and Return to Normalcy
Against a fairly challenging market backdrop, borrowers in Turkey have pushed through with a number of landmark transactions in 2018 as they look to prioritize risk and liability management. With an economic recovery on the horizon, we speak Eda Tanyel, Head of Structured Finance at HSBC in Turkey about the credit market outlook for the remainder of the year and beginning of 2019, how corporates…
30 Nov 2018
Mohammed Khnifer: Short-Term Loans Not the Answer to Long-Term Funding Needs
Mohammed Khnifer, Senior Associate, Debt Capital Markets at the Islamic Corporation for the Development of the Private Sector (ICD), spoke to Bonds & Loans about Saudi Arabia’s real estate sector, the upcoming inclusion of Saudi debt in the JP Morgan indices, and the development of regulation within the country.
28 Nov 2018
Rimrock Capital: “Concrete, realistic and credible policy needed to improve Turkey’s credit”
Turkey’s credit fundamentals are deteriorating, squeezed by high exposure of the corporates to USD debt and rising NPLs. Strong and transparent policy measures – including supporting local banks if necessary – are needed to breath life into the economy, Novruz Bashirov, Portfolio Manager at Rimrock Capital, told Bonds & Loans.
26 Nov 2018
GCC Credit Allure Strong Against Broader EM Challenges, But Fundamental Shifts Can’t be Ignored
The outlook for GCC credit remains buoyant through the remainder of the year despite a brief lull through the summer months. Still, deeper and more frequent questions about the structural challenges faced by many of the GCC economies suggest more uncertainty lies ahead in the longer term, according to bankers, borrowers, investors and economists who spoke with Bonds & Loans on a recent research…
23 Nov 2018
Quick Take: Burcu Geris, Vice President and CFO, TAV Airports on the Markets, Treasury Objectives
Bonds & Loans speaks with Burcu Geris, Vice President and CFO, TAV Airports Holding about the company’s funding objectives and how markets are influencing the company’s approach to fundraising.
22 Nov 2018