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Islamic Finance

Russia, CIS, Europe & Turkey Credit Markets Brief: 02 November – 16 November

Petropavlovsk sold USD500mn of fresh debt –– PSB gets downgraded – Rosneft’s shares take a hit due to Venezuelan crisis – Venezuela and Russia agree on debt restructuring –ABLV placed USD40mn of unsubordinated notes – Belarus to issue USD600mn next year – The government to support Turkey’s export sector

Middle East Credit Markets Brief: 25 October – 08 November

Saudi bonds fall as officials arrested amid anti-graft crackdown – Saudi PFI to contribute USD20-40bn to Blackstone-run fund – Egypt secures USD653mn financing for 13 solar projects – APICORP to issue USD500mn sukuk – ADNOC eager to pen USD6bn loan from syndicate of 13 banks – Bank Sohar issues a OMR100mn perp – Bahrain reportedly calls for GCC to freeze Qatar membership

Africa Credit Markets Brief: 18 October – 01 November

BADEA to support economic development in the continent – SA budget deficit rose 4.3% – AfDB suspended a loan to Nigeria – Kenya to reopen 5-year notes – Ghana issued USD1.3bn of fresh debt – Tanzania struck a deal with Barrick Gold for USD300mn – Inflation in Zambia dropped – Zimbabwe hopes to cut budget deficit to 4%

Turkey’s 2018 Funding & Liquidity Agenda

It has been a difficult 12 months for the Turkish economy, but green shoots are finally starting to emerge and international lenders are refocusing on the next wave of funding opportunities in the country. We speak with Hulusi Horozoğlu, Assistant General Manager, Head of Wholesale Banking at HSBC Turkey, one of the country’s leading investment banks, about the dynamics of the local market, and where – against a broader global backdrop of low yields – the next wave of international liquidity is likely to land in Turkey.

CASE STUDY: Tabreed’s Innovative Islamic Loan Paves the Way for Future Sukuk Deal

Abu Dhabi-based National Central Cooling Company PJSC, better known as Tabreed, secured its first club loan through an AED1.5bn 10-year sharia-compliant facility, enabling the company to extended its debt maturity profile and appeal to new pockets of global and regional investors.

Middle East Credit Markets Brief: 11 October – 25 October

GCC nations issued USD50.1bn of debt in 2017 – Flynas to start operating flights to Iran – KSA sold a SAR10bn in local sukuk – Abu Dhabi Commercial Bank issued a USD315mn kangaroo bond – QNB to refinance a USD3bn loan – Noga issued a USD1bn bond – Warba Bank syndicating a USD250mn loan – Jordan sold USD1bn of fresh debt – OETC considering a USD-denominated sukuk

Africa Credit Markets Brief: 04 October – 18 October

AfDB approved a USD200mn funding facility for private sector projects –Foreign investors bought ZAR18bn of SA bonds – Zuma could face new corruption charges – Fidelity Bank tapped the international markets – IMF concerned about Nigeria’s debt – Ethiopia devalued its currency – CBK placed a 5-year bond – Mauritius to hit the local currency markets

Middle East Credit Markets Brief: 27 September – 11 October

Syndicated lending in EMEA down 9% to USD610bn in 2017 – Abu Dhabi’s USD10bn bond 3x oversubscribed – UAE’s Ajman Bank secures USD200mn syndicated Islamic loan – UAE banks looking to ditch Qatari assets over GCC rift – Saudi Aramco on course to complete IPO in 2018 – Saudi Arabia issues USD12.5bn international bond – Qatar mulling USD9-11bn bond sale

Off the Record: Middle East DCM Must Evolve to Prosper in Challenging Times

As the annual Bonds, Loans & Sukuk Middle East Awards approaches, we discuss some of the themes emerging behind the scenes in Middle East debt capital markets, looking at concerns voiced by bankers, investors and CFOs in private discussions as well as the opportunities on the horizon for foreign FIs and investors looking to delve deeper into the region.

Africa Credit Markets Brief: 20 September – 04 October

African Development Bank tapped the international markets – South Africa issued dollar bonds worth USD2.5bn – NPLs rise in Nigeria – Nigeria raises NGN105.87 through maiden sovereign sukuk - Kenya Airways is looking to restructure debt – Ghana holds rates – Zimbabwe gets a USD600mn credit line from Afreximbank

 

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