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Middle East

CASE STUDY: Al Dur 2 IWPP Secures Long-Term Capital Despite Tough Ratings, Economic Outlook for Bahrain

The multi-faceted USD880mn long-term funding package made use of a number of innovative structural features to help overcome any concerns among liquidity providers over Bahrain’s economic outlook or sovereign rating.

27 Feb 2020

Lingering Trade Tensions, Coronavirus Risks Means GCC Debt Yields Could Widen – then Tighten Further

GCC debt yields spent much of 2019 outperforming the wider emerging market and global fixed income universe, and while global yields also trended downward on the back of strong economic data and easing trade tensions, economists at the National Bank of Kuwait (NBK) say spreads still have room to tighten in 2020.

27 Feb 2020

Tadawul & IHS Markit Launch Saudi Government Sukuk Index

Tadawul and IHS Markit have partnered to launch the iBoxx Tadawul SAR Government Sukuk Index dedicated to tracking riyal-denominated government sukuk, a move the may enhance liquidity in the sector.

27 Feb 2020

Fourth Quarter 2019 UAE Lending Grew for GREs, Government, but Declined for the Private Sector

Credit growth picked up momentum in the fourth quarter of 2019, largely led by rising loan provision to government and government-related entities – but growth in lending to the private sector declined on a quarterly basis, while only marginally increasing year-on-year.

25 Feb 2020

MENA Borrowers Weigh Costs and Benefits of Debut DCM Deals as Appetite for Funding Diversification Grows

CFOs and Treasurers from across the region are looking at ways to diversify their funding base and reduce their dependence on the region’s deep-pocketed lenders, with the debt capital markets – which has grown leaps and bounds over the past decade – looking increasingly likely to be the dominant means of doing so. But how to shift internal cultures around disclosure, engage new investors, and…

20 Feb 2020

Dar Al Arkan Sees Strong Demand for USD400mn Sukuk

Saudi-based real estate developer Dar Al Arkan raised USD400mn this week, selling 7-year sukuk in the first deal out of the Kingdom since the sovereign and Samba group hit the market in January.

20 Feb 2020

MENA PMIs Slumped in January as Short-Term Volatility Weighs on Sentiment

PMI indicators – a rough barometer of business sentiment – from some of MENA’s largest countries slumped in January as global volatility weighed on the region’s economies.

7 Feb 2020

MENA Loan Markets Heat up After Busy January Bond Pipeline Loses Momentum

A spate of loans inked by GCC-based borrowers are helping to fill a vacuum left by a busy bond season in January.

5 Feb 2020

Middle East Investor Appetite for Russian Bonds Grows with Latest Bank Deals

In January this year, Emirates NBD became the first Middle Eastern bank to participate with an international bond from Russia, but investors from the region have been increasing their exposure to Russian credits for some time.

4 Feb 2020

Lebanon to Pursue “Restructuring Without Restructuring”

While details of the government’s strategy to address the dire economic circumstances it faces are scant, analysts at Barclays believe Lebanon is likely to favour a bond swap with domestic banks over alternatives like issuing long-term FX certificates via the central bank, a move that could result in the sovereign entering Selective Default.

4 Feb 2020

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