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MENA Fixed Income and the (non)taper-tantrum: Is the market’s 70bps spike in 10-year UST an over-reaction?

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

Mashreq

Gold Sponsor

Abu Dhabi Commercial Bank (ADCB)

Gold Sponsor

Abu Dhabi Islamic Bank

Gold Sponsor

BofA Securities

Gold Sponsor

GIB Capital

Gold Sponsor

SMBC

Silver Sponsor

Citi

Silver Sponsor

Crédit Agricole CIB

Silver Sponsor

Mauritius Commercial Bank (MCB)

Silver Sponsor

Moody's Investors Service

Silver Sponsor

Rawabi Holding

Silver Sponsor

White & Case

Bronze Sponsor

ADFG/SHUAA

Bronze Sponsor

Akin Gump Strauss Hauer & Feld LLP

Bronze Sponsor

Bank of Jordan

Bronze Sponsor

Bank of Sharjah

Bronze Sponsor

Barclays

Bronze Sponsor

Boubyan Bank

Bronze Sponsor

Capital Markets Malaysia

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DWF

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Finsight

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Fitch Ratings

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Intertrust

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Kuwait International Bank

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London Stock Exchange

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Morgan Lewis

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S&P Global

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Squire Patton Boggs

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United Arab Bank

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Warba Bank
  • 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?
  • China/US relations and Biden’s diplomacy: What are the linkages between (geo)politics and credit spreads?
  • Global IG vs. EM vs. MENA: Where does MENA fit within the global portfolio? How do MENA IG bonds compare to Asia IG?
  • So much liquidity and little credit take-off: Is there a concern of a bubble?
  • Who are the natural buyers of long-term (30, 40 and 50 year) tenors? How can issuers target these investors?
Middle East

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/mycompany/

Roderick Gordon

Roderick Gordon

Head of Debt Capital Markets and Fixed Income Syndicate

GIB Capital

Roderick Gordon

Roderick Gordon

Head of Debt Capital Markets and Fixed Income Syndicate at GIB Capital

Roderick Gordon has over 16 years’ Investment Banking and Debt Capital Markets experience and has advised on, arranged, placed and financed over US$50 billion of internationally syndicated debt capital markets issuances and syndicated loans for major international companies and GCC sovereigns, supranationals and corporates.

Rod joined GIB to establish the DCM business in 2010. Prior to joining GIB he worked in Bahrain at Arab Banking Corporation in Debt Capital Markets and Acquisition Finance and Unicorn Investment Bank in Islamic Debt Capital Markets.

Prior to moving to Bahrain in 2007, he worked at Dresdner Kleinwort Benson, London, for over 5 years as Vice President covering Capital Markets Origination, Acquisition Finance and Structured Finance. He also worked for KPMG, London, in the Corporate Finance Debt Advisory team.

Rod has a Masters Degree in Quantum and Solid State Physics from the University of Durham, UK.

GIB, the Gulf’s international bank, helps its clients thrive by working together to realise ambitions. It brings and activates insightful ideas that enable progress. GIB aims to be the preferred financial services partner, delivering bespoke banking solutions to a wide customer base in the region and beyond. This includes corporate banking, asset management, debt and equity capital market services, financial advisory services, mergers and acquisitions, and the world’s first Shariah compliant digital retail banking service, meem by GIB.

In addition to its main subsidiaries, London-based GIB (UK) Ltd., and Riyadh-based GIB Capital LLC, it has branches in London, New York, Abu Dhabi, Dhahran, Riyadh and Jeddah with a representative office in Dubai.

GIB Capital

Roderick Gordon

Gulf International Bank B.S.C. (GIB) is a pan GCC universal bank established in 1975 and regulated by the Central Bank of Bahrain.

GIB offers a diverse range of financial products and services and bespoke banking solutions to a wide customer base in the GCC, Europe and North America. This includes corporate banking, the world’s first Shariah compliant digital retail banking service, meem, as well as investment banking spanning asset management, bond and sukuk issuance, financial restructuring, private placements, private sale, IPOs, underwriting equity and debt, and mergers and acquisitions.

GIB’s services are delivered across the GCC and international markets through its subsidiaries: GIB Saudi Arabia, GIB Capital and GIB (UK) Ltd. Additionally, the Bank has branches in the UAE and USA.

GIB Saudi Arabia is the first foreign domiciled bank to establish a local commercial bank in the Kingdom. It is headquartered in Eastern Province and operates branches in Riyadh, Jeddah and Dhahran, while the Bank’s investment banking activities are delivered by GIB Capital, based in Riyadh.

GIB (UK) Ltd is a London and New York based international asset management subsidiary.

GIB is owned by the governments of the Gulf Cooperation Council countries, with Saudi Arabia’s Public Investment Fund being the primary shareholder.

LinkedIn URL: https://www.linkedin.com/company/gulfintlbank

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

Aditya Kotibhaskar

Aditya Kotibhaskar

Senior Director - Head of Debt Capital Markets

Mashreq

Aditya Kotibhaskar

Aditya Kotibhaskar

Senior Director - Head of Debt Capital Markets at Mashreq

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.

Mashreq

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