Middle East
IDB issues US$1.5bn sukuk
The Islamic Development Bank has issued a popular sukuk with a slightly lower yield than in previous issuances. The bank’s ability to continue issuing highly rated debt is becoming rarer in a region where many issuers have to offer increasingly high yields to attract investment.
10 Mar 2016
RAM ratings sees strong sukuk market for 2016
Despite a slowing global economy, RAM ratings expects sukuk issuance this year to remain high as the main Islamic financing hot spots look for additional capital to shore up their finances amid falling commodity prices, on which they have traditionally relied.
9 Mar 2016
Qatar looks abroad for foreign funding
Qatar is looking to borrow heavily from the international capital markets as it attempts to service a large deficit. Although the country is in better financial shape than most of its neighbours in the Gulf region, the country’s growing exposure to high levels of debt could become a concern.
8 Mar 2016
Bahrain’s long term credit ‘junked’ by Moody’s
Bahrain’s credit rating has taken another hit from a ratings agency as the country faces slimming revenues from falling commodity prices, combined with increasingly high exposure to rising debt levels.
8 Mar 2016
Emirates Global Aluminium Forges US$4.9bn Syndicated Loan
Emirates Global Aluminium’s (EGA) US$4.9bn 7-year syndicated facility was executed amidst tightening regional liquidity and emerging market turmoil, but which nevertheless secured aggressive pricing and participation from a wide group of investors.
7 Mar 2016
GCC under increasing pressure to diversify
The GCC region has heavily felt the pinch from low oil prices. High currency reserves and general low indebtedness mean that some of the GCC’s economies can survive in the medium term through debt issuances, but there will come a point when their economies will have to diversify.
7 Mar 2016
S&P expects Saudi Arabia to drive MENA borrowing in 2016
Standard & Poor’s has said it predicts borrowing levels in the MENA region will remain high in 2016. How sovereigns in the region raise funds throughout the year will vary depending on their economies and popularity amongst international investors.
2 Mar 2016
Oman’s credit rating downgraded by Moody’s
Moody’s has cut Oman’s credit rating. Although the country remains within the investment grade, it will need to reduce its reliance on oil and improve its fiscal outlook if it is to continue to attract foreign investment, especially as it looks to issue external debt to fund its budget deficit.
1 Mar 2016
Turkey’s Ziraat Bank could issue sukuk
With Turkey’s state owned banks beginning to test the waters with Islamic finance, they are slowly opening themselves to the possibility to tap a very popular market. While there is potential, the country’s sukuk market still has some way to go before it becomes a fully established segment of the country’s banking system.
1 Mar 2016
Bahrain rethinks pricing, reopens cancelled bond
Bahrain has offered its formerly cancelled bond with different pricing to better reflect the country’s situation after its downgrade by Standard & Poor’s. The country has accepted higher yields on its debt and is trying to implement measures to attract investors and ease fiscal pressures.
25 Feb 2016