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CASE STUDY: Credit Bank of Moscow Raises AT1 Capital With Perpetual Bond

The third-largest privately-owned bank in Russia and 9th largest by total assets tapped the international debt markets to successfully boost its capital reserves and stay in line with the Basel III regulatory demands.

12 Jul 2017

EuroChem Group CFO on Finding the Right Window to Optimise Cost of Debt

Russian fertilizer company EuroChem Group, which recently issued a very successful 4-year Eurobond, has aggressively expanded its operations in recent years, breaking into seven different markets on three continents. Bonds & Loans speaks with Group CFO Andrey Ilyin about the company’s funding strategy, investor diversification, and managing a tricky combination of high capex and declining output…

6 Jul 2017

What Other CFOs Can Learn from SimpleFinance’s Eurobond Debut

Your first time is always the most challenging, but Russia’s SimpleFinance seemed to pull off its debut Eurobond transaction – a US$30mn 3-year trade – without a hitch. Bonds & Loans speaks with Campbell Bethwaite, Managing Partner of Finteca, SimpleFinance’s parent company, about the strategy behind the transaction and the outlook for other Russian corporates looking to raise debt this year.

3 Jul 2017

CASE STUDY: QatarRE Scores Trio of Firsts on International Capital Market Debut

Qatar Reinsurance Company Limited (QatarRE) found a narrow window to launch its debut US$450mn hybrid Tier 2 notes to achieve a number of firsts including the most oversubscribed issuance from the MENA region, the tightest coupon on a hybrid capital issuance in the region, and the first US dollar denominated capital market issuance from an insurance company out of MENA.

27 Jun 2017

Should Indexing Remain a Business?

In constitution and performance, indexes are in large part designed to act as a mirror to the markets they reflect, with investors largely vying for ways to exploit information deficiencies and fleeting hunches to beat them. But in emerging markets, there is a huge discrepancy between the assets that compose these indexes and the actual asset class, raising fundamental questions about the purpose…

26 Jun 2017

CASE STUDY: Tinkoff Bank Bursts Into the Dollar Market with US$300mn Perp Eurobond

Tinkoff Bank, one of Russia’s most progressive and innovative FIs, made its way back to the international capital markets after a five-year absence with an impressive US$300mn 9.25% issuance, marking the third perpetual Eurobond in the Russian banking sector to date.

15 Jun 2017

Emerging Markets: Keep Calm and Carry Trade

Emerging market corporate bonds have become a hit with investors in recent years as improving fundamental and good governance practices have sent default rates plunging to record lows. Despite fears around an EM debt bubble emerging, fund managers seem resolutely upbeat about the asset class.

31 May 2017

Olam Africa, Middle East CFO: Challenging Times, Huge Growth Opportunities in Agribusiness

A number of African economies this year were hit with turbulent commodity prices and severe drought, weighing on the outlook for the region’s agricultural industry. In a region that focuses so strongly on food security, never has there been more impetus on delivering new efficiencies to the agribusiness sector.

31 May 2017

Off the Record: GCC CFOs and Treasurers See Big Changes in 2017

Many column inches have been filled with talk of low oil prices, liquidity, and budget deficits in the GCC, but how are these challenges affecting borrowers? Bonds & Loans spoke to more than 20 CFOs and Treasurers at GFC Media Group’s Bonds, Loans & Sukuk Middle East Conference in Dubai to get a sense of how their funding strategies have evolved against this backdrop.

24 May 2017

CASE STUDY: Ezdan Draws Out Tenors with US$460mn Syndication

Ezdan Holding Group, Qatar’s largest privately-owned real estate developer, raised US$460mn through a competitively priced syndication in a bid to help refinance existing maturities and extend the tenor of existing debt.

22 May 2017

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