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Middle East

Majid Al Futtaim’s Treasury Head on Why Going Green is About More than Just Marketing

UAE-based lifestyle conglomerate Majid Al Futtaim broke new ground earlier this year when the company placed the world’s first benchmark-sized corporate green sukuk. Bonds & Loans spoke with John Arentz, Head of Treasury at Majid Al Futtaim, about the company’s green capital markets debut, the strategy underpinning the transaction, and why – green bond or not – treasurers need to bolster their…

26 Jul 2019

Borusan EnBW Enerji CFO: Renewables Largely Unscathed by Recent Downturn in Turkey

After a slide on the lira in August 2018, followed by creeping inflation, Turkish corporates have had a rough year. One sector that has rode out the storm unscathed however, has been renewable energy developers. Bonds & Loans speaks with Hakan Aras, Chief Financial Officer for Borusan EnBW Enerji about ECA financing, Chinese investment and the company’s expansion plans.

18 Jul 2019

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

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