Middle East
Turkey Retains Investor Appeal
Despite the events this summer, Turkish issuers can expect solid demand in global capital markets, writes HSBC Turkey
4 Nov 2016
Burcu Geris, CFO, TAV Airports Holding - Turkish Aviation Sees Strong Year Ahead
Tourism was down in Turkey this year, largely the result of political instability and security concerns. As the political environment within Turkey stabilises, the aviation sector could see a strong revival on the horizon. Bonds & Loans speaks with Burcu Geris, Chief Financial Officer of TAV Airports Holding about the outlook for the aviation sector and new global opportunities being pursued by…
4 Nov 2016
CASE STUDY: Jordan secures tighter pricing on latest Eurobond than on previous year’s issuance
Following a recent JOD34mn (US$47.9mn) local sukuk issuance in October, the government of Jordan turned to the international capital markets with a benchmark-sized dollar bond. The Kingdom’s US$1bn issuance is its largest-ever Eurobond, and the tighter pricing achieved relative to the country’s 10-year November 2015 Eurobond – despite regional geo-political tensions and a rating outlook revision…
3 Nov 2016
Prudent use of Saudi’s bond a must
Saudi Arabia’s foreign reserves have gained a reprieve following the country’s debut bond sale. Although some of the proceeds will be used to help service the country’s large budget deficit, others will likely go towards assisting in developing the Kingdom’s 2030 Vision. Where the government uses these funds, and how effective the results turn out to be will be a large factor weighing on the…
31 Oct 2016
Is the ‘Hunt for Yield’ Distorting HY and Middle Eastern Assets?
Shifts in liquidity in and around the Middle East could have something to do with the premium between EM and US corporate high-yield investments evaporating, just one of the growing number of distortions caused by the global ‘hunt for yield’.
31 Oct 2016
Scarcity of Jordanian credits in international markets to remain
The Jordanian government’s recent local-currency sukuk highlights the scarcity of the country’s credit on the international markets. Although the issuance is likely to further develop Jordan’s relatively nascent Islamic markets and incentivise corporates to follow suit, most financing will likely be satisfied by the domestic loan market.
25 Oct 2016
Saudi deal to facilitate wider Middle East bond issuance
Saudi Arabia has finally come to the market with its long awaited bond, pipping Argentina’s record with a US$17.5bn deal – the largest-ever issuance from an emerging market entity. The bond came in tighter than some expectations, and will facilitate further bond issuances from Saudi corporates and across the Middle East.
20 Oct 2016
Bonds, Loans & Sukuk Middle East Awards: The Finalists
After hundreds of nominations and votes, the top 3 deals from each category in the Bonds, Loans & Sukuk Middle East Awards have now been announced. A Winners Selection Committee formed of 20 of the most influential international investors from the banking and finance community will now judge which deal they think should win. The final winners will be revealed at an Awards ceremony taking place on…
18 Oct 2016
Saudi $2bn deposit edges Egypt closer to IMF loan
Cairo is closing in on a relief loan that could provide the vital lifeline to Egypt’s stagnant economy, but the strict terms of the deal mean that the road to recovery will be painful.
17 Oct 2016
Sukuk in MENA: Two tranche or not to tranche?
This year has so far seen a rapid expansion in bonds and to a lesser extent sukuk issued from the GCC, largely led by many of the region’s sovereigns and financial institutions. Speed, standards, and liquidity concerns are keeping some issuers from tapping into the sukuk market to achieve their funding objectives, analysts suggest.
17 Oct 2016