Call us on
+44 (0) 207 045 0920

CEE & Turkey

ADNOC CIO on Capital Efficiency, Investment Strategy and Downstream Growth

Abu Dhabi National Oil Company (ADNOC) has over the past year inked a number of landmark – and in some cases pioneering – transactions, part of a bold new strategy aimed at expanding and enhancing the company’s global position. We speak with one of the architects of the funding strategy behind it, Michele Fiorentino, Chief Investment Officer at ADNOC.

3 Oct 2018

Franklin Templeton Sees Strong Project Finance Pipeline in GCC

Franklin Templeton’s Senior Research Analyst Franck Nowak concedes that some optimism has faded over the past quarter, especially as Fed hikes look inevitable and EM jitters have settled in, but underscores the fact that GCC bonds are performing still well and project finance is expected to drive the deal pipeline for the region in 2018.

28 Sep 2018

CASE STUDY: ACWA Power Teams Up with ICBC on Egypt’s Benban USD185mn Structured Loan

In a deal that involves an amortizing loan with debt and equity tranches on a non-recourse project finance basis, the Saudi Arabia-based developer broke new ground by achieving an 18-year tenor, raising USD financing with an EGP-denominated tariff and bringing in a Chinese commercial bank.

26 Sep 2018

Orpic Treasurer: Addressing capital structure imbalances created by aggressive growth

Orpic (Oman Oil Refineries and Petroleum Industries Company) is jointly owned by the Government of Oman and Oman Oil Company and is one of the biggest and fastest growing businesses not just in the country but the region more broadly. Bonds & Loans spoke to Alexandre Clar, MG Treasurer at Orpic, about how the company plans to finance its rapid expansion and new initiatives.

18 Sep 2018

The Flipside of Turkey

United States sanctions against two Turkish government ministers triggered the recent bout of volatility in the Turkish currency market. While Turkey was fundamentally vulnerable to begin with, due to a lengthy period of bad economic policies, the fact that volatility was so severe and spread far beyond Turkey indicates that this was not just about Turkey. It is also about the major shift in…

12 Sep 2018

CASE STUDY: Omantel Launches Largest Corporate Bond from Oman to Finance Zain Purchase

In April 2018 Omantel, the Imani telecoms company, successfully priced the inaugural USD1.5bn dual-tranche senior secured offering to refinance a bridge loan closed in late 2017 for the acquisition of a 21.9% stake in Zain Group. It was the largest corporate offering from Oman ever and first dual-tranche transaction from an Omani Corporate with 5.5 and 10-year tenors.

11 Sep 2018

Abraaj Collapse Reverberates Through GCC Private Equity Markets

As recently as 2016 the Abraaj Group was flying high: with around USD13.6bn of assets under management globally, the investment firm was one of the biggest in the region and blazed the trail for GCC private equity investors to expand into the growth markets. Two years on, abandoned by its founder Arif Naqvi, it is facing USD1.2bn in debt, multiple lawsuits and an unprecedented level of attention…

7 Sep 2018

Metito CFO: “Managing exposure to EM investments under the IFRS 9 ECL model is a challenge in GCC”

Metito is a leading provider of choice for water management solutions in the emerging markets with operations covering segments including chemicals, and utilities. Although the company is based in the Gulf, it operates on a global scale. We speak to the Holding’s CFO Wafic Ghanem about Metito’s funding plans for the coming year, including hedging and refinancing programs and market…

5 Sep 2018

Fiscal Woes: We Need to Talk about Bahrain

Questions have swirled in recent months over Bahrain’s strained finances, but there is good reason to believe the country is in much better shape than sensational headlines suggest. This bodes well not just for the country, but fort the region as a whole, writes Anita Yadav.

4 Sep 2018

Turkey: Call and Response

With Turkey seemingly approaching a critical junction in its economic trajectory, a call with the country’s Minister of Finance sheds light on how the country looks to tackle the rising challenges confronting it. Manulife analyst Richard Segal shares the details.

30 Aug 2018

Want EM credit market insights delivered straight to your inbox?

Subscribe