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Middle East Credit Markets Brief: 3 August – 17 August

Middle Eastern air carriers’ passenger growth disappoint – Goldman Sachs bough a piece of Aramco’s credit facility – Saudi Arabia mulls local sukuk – TAQA to refinance US$500mn bond - Doha Bank to sell UAE credit assets – Egypt’s FDI hit US$48.7bn – Bahrain picks banks for US bond – Iraq bond issuance received US$6.6bn in orders – Jordan might tap the international markets in 2017

In Cotton and Textiles, Nigeria’s Import Restrictions Create Opportunities for Mid-Sized Players

The domestic cotton and textiles sectors used to be a huge contributor to Nigeria’s GDP, but massive growth in the oil sector coupled with declining government support has marginalised the industry. Sumit Jain, CFO of West African Cotton Company (WACOT), talks to Bonds & Loans about how the company is working with the government to boost domestic production of cotton and foodstuffs, and how stringent import restrictions and FX shortages – among the biggest challenges facing Nigerian corporates – have created new opportunities for mid-market players.

Benefits, Standards, and Price Harmonisation in the Sustainable Finance Market

MUFG has a wealth of expertise in energy and natural resource infrastructure finance, which lends itself quite nicely to understanding how to measure risk in areas ripe for green bonds and similar instruments, and the bank is of course very active in bringing borrowers into the green bond market. We speak with Geraint Thomas, Executive Director at MUFG and leader of the bank’s green capital markets activity to learn more about how EM issuers and investors are finding their way in the green bond market, and the development of new sustainable finance instruments.

Russia, CIS, Europe & Turkey Credit Markets Brief: 13 July – 28 July

CBR keeps rates steady, readies sale of OBR bonds – Nickel production in Russia to remain flat this year – Naftogaz increases compensation demand from Russia by US$5bn – Engie may pull out of Nordstream 2 – Albaraka Turk readies US$400mn issuance – Bank lending in Turkey to rise in 2018

Economic Woes hit Project Finance in Turkey

Project finance in Turkey continues to decline as geopolitical fears, high financing costs and low energy prices put a dent in demand and further strain the local lenders assets.

Africa Credit Markets Brief: 27 July- 9 August

South African economy likely to return to growth – Nigerian government secures a loan from AfDB – Nigeria’s green bond suspended once again – Democratic Republic of Congo’s inflation to hit 44.64% – Kenya’s Treasury bonds outperforming the corporate debt – Rosneft seeks to open offices in Mozambique – Ghana sold a 5-year bond – Republic of Congo is heading for a default – Zimbabwe to double its bond issuance

Middle East Credit Markets Brief: 21 July - 3 Aug

Qatar files complaint to WTO over GCC boycott – Dana Gas cancels its offer to exchange outstanding US$700mn sukuk – Iraq taps international markets with US$1bn bond - Dubai Aerospace Enterprise (DAE) prices a US$2.3bn triple-tranche bond - ADCB raised US$320mn through 5-year Formosa bond - Al Hilal Bank issues US$100mn bond

Latin America Credit Markets Brief: 20 July – 2 August

Mexico’s economy continued to grow in Q2 – Brazil to freeze spending– Petrobras boss arrested on corruption charges – IMF upgrades Argentina’s growth forecast – YPF tapped the international markets with a US$750mn bond – Banco de Bogota issued unsecured notes worth US$600mn – Graña y Montero signed a syndicated loan – US imposed sanctions on Maduro – Banco General issued a 10-year bond – Dominican Republic gets upgrade

Russia, CIS, Europe & Turkey Credit Markets Brief: 13 July – 28 July

Gazprom tapped the international markets – Alfa Bank issued a RUB10bn Eurobond – AFK Sistema declared technical default on bonds –– Halyk Bank acquires Kazkommertsbank – IBA plans to restructured approved by shareholders – Greece returned to the capital markets – Halbank to issue a US$2bn bond in the international markets

Africa Credit Markets Brief: 13 July – 27 July

Sub-Saharan African investment banking fees reached US$244.7mn during the half of 2017 – South Africa to issue a US$2bn Eurobond – South Africa’s central bank cuts rates – Nigeria’s inflation fell to a 13- month low – Kenya’s National Treasury extended the sale of securities through M-Akiba platform – Mozambique defaulted on Eurobond payment – Ghana will not extend IMF programme –Republic of Congo was downgraded – The Reserve Bank of Zimbabwe will secure loan

 

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