Middle East
CASE STUDY: Rönesans Places First TRLIBOR-Indexed Bond in Turkey
Rönesans Holding’s 3-year TRY200mn floating rate note was the first TRLIBOR-indexed local currency bond in Turkey. The issuance also helped extend average maturities on comparable instruments and helped deepen the country’s capital markets.
14 Nov 2016
Free-Floating Egyptian Pound Settles as Stocks Rally
The Egyptian pound began to show signs of recovery a week after the Central Bank’s decision to float the currency - a key condition set by the IMF for its US$12bn loan. But as popular protests engulf parts of the country, the government must weigh up the risks of carrying out fiscal reforms against growing popular discontent.
11 Nov 2016
International Investors on Turkey’s Post-Downgrade US$1.5bn Bond Feat
Opinion is divided about the reasons behind Turkey’s recent success on the international debt markets, but questions remain over the country’s long-term investment potential.
11 Nov 2016
CASE STUDY: First International Residential Mortgage Backed Covered Bond in Turkey - Vakifbank
As the first ever international residential mortgage covered bond in Turkey, Vakifbank’s €500mn issuance led the way for other Turkish banks to capitalise on this growing market and opened up new pools of liquidity for the institution.
11 Nov 2016
CASE STUDY: Turkey’s First Basel-III Compliant Tier II Sukuk - Albaraka Turk
Albaraka Turk saw strong demand from the MENA region for its US$250mn Basel III-compliant Tier II sukuk, the first seen from Turkey, against a backdrop of emerging market turmoil and political volatility.
11 Nov 2016
Fostering the Green Bond Market in Turkey
The overwhelming demand for Turkey’s TSKB green notes in May promised to open the floodgates for climate bond deals. While that promise has not yet materialised, enduring investor interest in Turkey and other parts of the world, coupled with an increasing emphasis on green bond standardisation, is raising hopes for the future of renewable energy finance.
11 Nov 2016
CASE STUDY: A Green Step Forward for Turkish FIs - TSKB
As the first green bond to be issued by a Turkish FI, Turkiye Sinai Kalkinma Bankasi’s (TSKB) US$300mn 5-year notes saw tremendous demand from accounts Europe and Asia, helping to set the benchmark for other Turkish issuers looking to raise capital for sustainable projects.
11 Nov 2016
Iran Gas Deal Signals Huge FDI Opportunity
Total’s Iranian gas deal is a sign that foreign investment is trickling back into Iran. There is no shortage of investment opportunities, and many sectors outside the oil & gas industry will benefit from foreign investment. Problems remain, but the current government is addressing these, and based on previous similar stories, Iran has the potential to be one of the most successful EM investment…
10 Nov 2016
Middle East Sovereigns Look to LatAm for Long-Term Investments
Argentina looks set to further profit from capital inflows from the Middle East. Despite liquidity concerns in the region from low oil prices, GCC countries are eyeing up Latin America as a long-term investment destination.
9 Nov 2016
The Long View from the GCC: Ahmed Al Qassim, CEO, Emirates NBD Capital
This year has seen liquidity thinning out in oil dependent markets due in large part to declining oil revenues, a particularly impactful trend in the GCC. In response, many of the region’s investment banks have gone back to basics, becoming more selective on deals and focussing on their core strengths in particular niches. But the region’s challenges have left others – particularly those with a…
7 Nov 2016