Middle East
Middle East Market Review: How GGC and MENA Economies Fared in 2016 and What Awaits Them in 2017
It has been a turbulent year for the emerging markets, and the Middle East was no exception.
9 Dec 2016
Trade Finance on the Growth Path in MENA
Trade finance has already featured heavily in MENA funding over the past two years, but appears set to play an increasingly large role in the region going forward. The drivers for this type of financing include both critical new projects on the horizon and the need to service budget deficits. To this end, borrowers have looked to tap new pockets of liquidity, while the search for yield has drawn…
7 Dec 2016
CASE STUDY: Financing the Largest Single Tendered IPP in Oman
Despite the economic downturn in Oman, Mitsui & Co, ACWA Power and Dhofar International Development and Investment Holding Corporation (DIDIC) were able to secure a US$1.375bn dual-currency non-recourse project financing package at competitive prices for the largest single tendered IPP in the country to date.
7 Dec 2016
Koc Holding's CFO Ahmet Ashaboglu - Driving Efficiency Forward
This year has been particularly volatile for Turkish corporates, particularly those with large foreign currency exposure. For many, this means doubling down on efficiency and strengthening key processes to ensure financial and operational risk is minimised. We speak with Ahmet Ashaboglu, Chief Financial Officer at Koc Holding, one of Turkey’s largest and oldest firms, about how the company is…
6 Dec 2016
No Two EM Bankruptcies the Same
Oi’s Dutch units may be forced to declare bankruptcy in the Brazilian telecom giant’s ongoing bankruptcy saga. Whilst distressed EM companies with offshore assets in DMs are appealing, bankruptcies across the EM world are nuanced and carry unique consequences for investors.
5 Dec 2016
Oil to Contain Financial Sector M&A in UAE
The high probability of further consolidation across the financial sector in the Emirate of Abu Dhabi after the NBAD-FGB merger in Q1 2017 is largely driven by the large number of banks per capita in the UAE. While arguably overbanked, M&A activity is likely to remain low in the country’s other emirates as they do not rely on oil to the same extent as Abu Dhabi.
22 Nov 2016
Turkish Local Market Resilient as Inflation Threat Looms
Investment flows in Turkey’s local currency credit market defied expectations this year, powering through two ratings downgrades, an attempted coup and a drop in tourism revenues. Slowing consumption and the threat of inflation are forcing policymakers to remain vigilant.
21 Nov 2016
Osman Çelik, Undersecretary of Turkey’s Treasury Discusses the Outlook for the Turkish Economy
Turkey has experienced significant levels of volatility this year, and with growth in the global economy expected to slow next year, all eyes are on the government’s strategy for boosting domestic economic activity and helping to stimulate investment into the country. Bonds & Loans speaks with Osman Çelik, Undersecretary of Turkey’s Treasury, about the outlook for the Turkish economy, how the…
21 Nov 2016
CASE STUDY: Kuveyt Türk Limits Execution Risk with First Sukuk of 2016
Kuveyt Türk, the leading Islamic bank in Turkey, launched a capital boosting sukuk in what became the first international sukuk to emerge from the country since the start of 2016. The deal priced amid high volatility surrounding the emerging market sphere.
17 Nov 2016
Turkey: An Economy in Need of Transformation
Without a strong revival on the fixed income investment outlook for Turkey, analysts remain bearish on the country’s prospects. As Turkey’s relatively young population moves into the workforce en masse, hopes for the country’s longer-term prospects hinge on confidence in an economic and structural evolution long overdue.
16 Nov 2016