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Middle East Credit Markets Brief: June 9 - June 23

GCC sukuk issuance topped US$22bn in 1H2017 – Saudi Arabia has a new heir to the throne – Saudi Arabia was added to MSCI’s watch list for a potential upgrade – UAE banks’ loan books grow by 2.13% – Dana Gas sukuk deemed “unlawful” – Qatar’s sovereign wealth fund has injected deposits into local banks to boost liquidity – QPSC said it expects to meet its earnings targets

Latin America Credit Markets Brief: June 9 – June 22

Navistar Financial tapped the local markets – Temer denies corruption allegations – IFC is investing in Banco Industrial do Brazil – Temer received another setback in the Senate – Argentina issued a 100-year bond – MSCI snubbed Argentina – Davivienda issued a triple- tranche bond in the local markets – Chile issued a US$1.2bn bond – Panama’s inflation eased – Petroperu tapped the international markets – Venezuela fails to pay debt

CASE STUDY: Minerva Sees Aggressive Pricing on US$1bn Bond

Brazil beef giant tapped Minerva took advantage of favourable conditions in emerging markets to sell a US$1bn bond due 2026, which priced inside the company’s yield curve at 6.625%.

CASE STUDY: Tinkoff Bank Bursts Into the Dollar Market with US$300mn Perp Eurobond

Tinkoff Bank, one of Russia’s most progressive and innovative FIs, made its way back to the international capital markets after a five-year absence with an impressive US$300mn 9.25% issuance, marking the third perpetual Eurobond in the Russian banking sector to date.

The Best and Worst Performers in Emerging Markets

During its mid-year review, Ashmore Group, an investment firm specialising in emerging market assets, laid out its take on the performance of emerging markets through the rest of 2017.

CASE STUDY: KNPC Seals US$6.25bn Loan in Largest ECA-Backed Corporate Transaction Ever

Kuwait National Petroleum Company’s (KNPC) US$6.245bn ECA-backed loan was a triumph for the company’s Clean Fuels Project and the region’s credit markets, setting a new record for the largest ECA-backed corporate loan to date.

Interview with Jonathan Segal, Executive Director, Head of Capital Markets MEA, MUFG

Bonds & Loans interviewed Jonathan Segal, Executive Director, Head of Capital Markets – Middle East and Africa at MUFG to discuss whether additional sovereign supply will put a damper on liquidity available to corporates.

Middle East Credit Markets Brief: May 25 - June 8

GCC states break diplomatic and economic ties with Qatar – Syndicated loans in GCC at 4-year low – Saudi Aramco issues SAR285mn sukuk – NCB issues SAR1.3bn sukuk – ADWEA closes US$872mn funding package – Dana Gas prepares US$700mn sukuk – Qatar Airways secures US$300mn in mezzanine debt – Al Baraka issues maiden US$400mn sukuk – KNPC signs US$6.25bn international loan – Foreign investment in Egyptian securities rises 13% in one week

Latin America Credit Markets Brief: May 26 – June 8

PRI scores a narrow victory in Mexico’s largest state – Brazil: JBS SA has the wind taken out of its sails – Argentina strikes new agreement with credit holdouts – Colombia’s Davivienda reveals big borrowing plans – Chile’s Codelco preps bond issuance – Peru, IFC mull US$2bn green bond issuance – Ecuador hits the international market – Venezuela moves to restructure debt with Russia – Uruguay preps return to the bond market – Bolivia sovereign rating outlook turns negative – Guatemala taps the international market

Interview with Andy Cairns, Group Head of Corporate Finance, First Abu Dhabi Bank (FAB)

In an exclusive interview with Bonds & Loans, Andy Cairns, Group Head of Corporate Finance, First Abu Dhabi Bank (FAB) talks about the normalisation of fundraising in the MENA region in 2017 after a record year of credit market activity the previous year.

 

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