Middle East
Asian Investors Continue to Look to GCC Despite Rising Geopolitical Risk
For Asian investors searching for returns across emerging markets, the GCC has long been considered a relatively low-risk, higher-yielding option. But with geopolitical tensions reaching a boiling point, and a number of GCC states fiscally exposed to oil price swings, former safe havens could become a riskier bet.
16 Jul 2019
Turkcell CFO: Building Resilience to Market Volatility is Core Treasury Objective
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
GCC SWOT Analysis: New Policies Foster Capital Markets Growth Despite Iran Tensions
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
Alternative Finance Key for Mid-Tier UAE Property Companies
With the local economy starting to turn a corner and new regulations and incentives coming on stream, UAE-based property developers have much to celebrate. But looking beyond the large publicly-traded Emaars and Damacs of the region, many smaller developers appear caught in a low liquidity environment unlikely to ease anytime soon. This is prompting many to hunt for alternative sources of…
21 Jun 2019
Once a Mirage, An Asset Class Begins to Emerge: GCC Local Currency Bond Markets
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
CASE STUDY: EGA Secures USD6.5bn Loan amid Favourable Markets
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
CASE STUDY: Almarai’s USD500mn Issue Marks First Corporate International Sukuk out of Saudi
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
Buoyant Markets Herald Strong Start for GCC Credits in 2019: Where Next for the Region?
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
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