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MENA Fixed Income and the (non)taper-tantrum: Are interest rates too low at this juncture?

Broadcast on Sep 14, 2021 from Livestream: Bonds, Loans & Sukuk Middle East 2021

Platinum Sponsor

Emirates NBD

Platinum Sponsor

First Abu Dhabi Bank (FAB)

Gold & Networking Sponsor

Mashreqbank

Gold Sponsor

Abu Dhabi Commercial Bank (ADCB)

Gold Sponsor

Abu Dhabi Islamic Bank

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BofA Securities

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GIB Capital

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SMBC

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Standard Chartered

Lunch Sponsor

MUFG

Silver Sponsor

Citi

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Crédit Agricole CIB

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Intesa Sanpaolo

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Mauritius Commercial Bank (MCB)

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Moody's Investors Service

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Rawabi Holding

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White & Case

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SHUAA Capital

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Akin Gump Strauss Hauer & Feld LLP

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Arqaam

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Bank of Jordan

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Bank of Sharjah

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Barclays

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Capital Markets Malaysia

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DWF

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FIM Partners

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Finsight

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Fitch Ratings

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London Stock Exchange

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Maybank Islamic

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Morgan Lewis

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NetRoadshow

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S&P Global

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Squire Patton Boggs

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TMF Group

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UK Export Finance

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United Arab Bank

Supporting Partner

AlHuda CIBE

Supporting Partner

IsFin
  • Global vs. EM vs. MENA: Where does MENA fit within the global portfolio? How do MENA IG bonds compare to Asia IG?
  • Who’s going long and who sees a buying opportunity? Is a full recovery priced
  • into portfolios? Will there need to be a re-valuation? If so, when?
  • How is Biden’s policy towards the MENA region changing (if at all) ?
  • How could signs of a slowdown affect inflation?
  • Assessment of current liquidity levels vs. market expectation heading into 2022
  • Where do banks see the most growth in the market for tenors? How are development of Tier 1 and Tier 2 instruments developing to facilitate this growth?
Middle East

Moderator

Aditya Kotibhaskar

Aditya Kotibhaskar

Senior Director - Head of Debt Capital Markets

Mashreqbank

Aditya Kotibhaskar

Aditya Kotibhaskar

Senior Director - Head of Debt Capital Markets at Mashreqbank

With nearly 20 years of experience in the financial services industry, Aditya has led and worked across origination and execution platforms at Trussbridge, ADIB, Nomura, Lehman Brothers, E&Y and Arthur Andersen. He worked in London, Dubai and Mumbai. He has bookrun deals in excess of several billions of dollars of landmark financings, across the conventional and Islamic space, for governments, supra-nationals, corporates and financial institutions worldwide.

Aditya is a ranking Chartered Accountant from India and has a MBA from London Business School.

Established in 1967, Mashreq is the oldest privately held Bank in the UAE with award winning financial solutions and services. Throughout its 50 years' history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 21 overseas branches and offices across Europe, USA, Asia and Africa.

Mashreqbank

Aditya Kotibhaskar

One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.

As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.

Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World's Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.

LinkedIn URL - https://www.linkedin.com/company/mashreq-corporate-and-investment-banking-group

Speakers

Angad Rajpal

Angad Rajpal

CFA, Head of Fixed Income

Emirates NBD

Angad Rajpal

Angad Rajpal

CFA, Head of Fixed Income at Emirates NBD

Angad is Head of Fixed Income at Emirates NBD Asset Management, having previously been Senior Portfolio Manager since October 2014. He has been with the business for more than nine years, having joined in 2010 as a Senior Credit Analyst. Angad is the lead manager for the UCITS-compliant MENA Fixed Income Fund and the Global Sukuk Fund, which have outperformed their respective benchmarks for most years since 2010. He has also had an active part in doubling Fixed Income Assets Under Management (AUM) since 2013 – to under USD3 billion for year-end 2019.

Prior to joining the team, Angad was Senior Analyst at Prime Emirates from 2008 to 2010, having previously been an Associate in Financial Services Advisory at Ernst & Young in New York and a Financial Analyst at Real Value Investments in Mumbai. He holds an MBA from the Martin J. Whitman School of Management at Syracuse University in New York and a Bachelor of Commerce degree in Accounting and Auditing from the University of Mumbai. Angad has CFA designation and is a member of the CFA Institute and the CFA Emirates Society.

Emirates NBD

Angad Rajpal

Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As at 30th September 2020, total assets were AED 692 Billion (equivalent to approx. USD 188 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Bank expanding its presence to 13 countries, servicing over 14 million customers. The Bank is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.

The Bank has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. Emirates NBD was named “UAE’s Best Bank” in 2020 for a fifth consecutive year by Euromoney. In addition, Emirates NBD received the “Excellence in Leadership in the Middle East” award, introduced this year in light of the Covid-19 impact, as a recognition of its efforts in responding to the Covid-19 crisis.

Emirates NBD is also a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.

LinkedIn page: https://www.linkedin.com/company/emirates-nbd

Kathy Collins

Kathy Collins

Investment Manager, Emerging Market Debt

Aberdeen Standard Investments

Kathy Collins

Kathy Collins

Investment Manager, Emerging Market Debt at Aberdeen Standard Investments

Kathy is an Investment Manager on the EMD team at Aberdeen Standard Investments where she specialises in corporate debt. The team manages US$16bn in global EMD assets, with just over US$3bn in dedicated global emerging market corporate debt portfolios. Kathy joined Aberdeen Standard Investments in June 2009, and the Emerging Market Debt desk as a credit analyst in 2012. Since then her research coverage has expanded across Latam, CEE, Middle East and Africa. Previously, she completed a year’s internship at Standard Chartered Private Bank in New York as part of the Mountbatten Internship Programme. She graduated with a BSc in Economics from St. Andrews University and is a CFA Charterholder.

Aberdeen Standard Investments

Zeina Rizk

Zeina Rizk

Executive Director, Fixed Income Asset Management

Arqaam

Zeina Rizk

Zeina Rizk

Executive Director, Fixed Income Asset Management at Arqaam

Director, Fixed Income Asset Management, did a team move to setup the fixed income asset management business in Arqaam Capital. Zeina has 10 years of investment experience in the Global Credit Market, with a 6-year track record of co-managing Conventional Global Credit fund and a 3-year track record of co-managing Shari’ah Global Credit Fund. The Shari'ah fund won the best Shari'ah Fund in 2014 and 2015. Zeina was previously a fixed income advisor and a member of the management of a global fixed Income fund domiciled in Luxembourg. She also held a position as a credit and market risk supervisor, she also worked in securitization part of the structuring of asset-backed securitization deals. Zeina is a CFA Charterholder since 2011.

Arqaam

Zeina Rizk
Usman Ahmed

Usman Ahmed

Head of Fixed Income Investments

FIM Partners

Usman Ahmed

Usman Ahmed

Head of Fixed Income Investments at FIM Partners

Usman is the Portfolio Manager for all MENA and Global Sukuk strategies at FIM Partners. He joined the firm from Emirates NBD Asset Management where he was the Head of Investments and was responsible for EM Corporate Credit, MENA Fixed Income and Global Sukuk strategies and achieved top quartile performance across his funds. Prior to Emirates NBD, Usman was a director at Mashreq Capital where he was responsible for the bank’s distressed debt and structured credit investments. Usman began his career at TCH Miami where he was in charge of the research team responsible for analyzing and monitoring lending policies for investment grade and speculative grade corporate issuers and structured products. He holds a master’s degree in Business Administration from the University of Miami and is a CFA Charter holder.

FIM Partners

Usman Ahmed

FIM Partners was established in 2008 as among the first dedicated and independent specialist investment managers focused on the MENA & Frontier markets. The firm has successfully navigated the risks of investing in MENA & Frontier markets over the last twelve years through its fundamental approach, on the ground presence and smart portfolio construction. Our philosophy for managing fixed income portfolios revolves around optimizing risk adjusted-returns by investing in credits with attractive risk return dynamics, managing interest rate risk and minimizing liquidity risk.

In addition to employing investment staff with over 100 years combined experience in MENA & Frontier markets, the firm employs inhouse, independent risk management and operations professionals and its focus on capital preservation has led to its funds having a top ranking in CityWire. FIM Partners Limited is registered and regulated with the DFSA in the United Arab Emirates, FCA in the United Kingdom and the Capital Markets Authority of Saudi Arabia.

LinkedIn: https://www.linkedin.com/company/fim-partners

Justin Mathews

Justin Mathews

Vice President, Treasury and Capital Markets

Gulf International Bank

Justin Mathews

Justin Mathews

Vice President, Treasury and Capital Markets at Gulf International Bank

Justin Mathews is a banking professional with 17 years of aggregate experience both on the sellside and buyside, internationally and regionally, including most recently in Bahrain and Saudi Arabia. Justin began his banking career in London, having spent time with leading international banks like Credit Suisse, Jefferies and Bank of New York Mellon, before moving to Gulf International Bank. He has advised several clients on raising capital for through bond and sukuk issuances in the international and domestic debt capital markets. Justin currently manages the Treasury Investments portfolio of GIB Saudi Arabia, which runs a fixed income and multi-asset investment strategy. Justin has significant connections with investors and investment banks in the GCC and has contributed significantly to the development of the regional capital markets.

Gulf International Bank