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Islamic Finance

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

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

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

Exploring the Next Frontier in the GCC Capital Markets: Saudi Arabia

Saudi Arabia’s emergence in the international capital markets, first through the sovereign’s US$17.5bn conventional bond followed months later by its US$9bn sukuk, has the potential to herald one of the biggest shifts the region’s markets have seen in years.

Middle East Credit Markets Brief: July 6 - July 20

Middle Eastern debt issuances reach US$57.4bn in Q1 – Growth in GCC picks up –Topaz Marine issues bonds - Qatar refuses to accept GCC demands - Egypt raises rates - Oman Oil finalizes a US$2bn loan - Fitch revises outlook for Omani banks – Egypt receives loan tranche from the IMF

A Shariah-Compliant Default? The Curious Case of Dana Gas Sukuk

The decision by the Abu Dhabi-based gas producer Dana Gas to declare two ostensibly shariah-compliant sukuk worth US$700mn “unlawful” has created a climate of uncertainty among investors and issuers alike, posing uncomfortable questions for the US$2tn Islamic Finance industry.

Middle East Credit Markets Brief: June 23 – July 6

Dana Gas sukuk-holders demand UK court overturns injunction – IDB approves US$1.96bn funding on development in member states – Qatar downgraded as 5-year CDS rise 60bp – Saudi headline PMI drops to 8-month low – US laptop ban lifted on Abu Dhabi and Dubai airlines – Qatar Airways looking to purchase 10% stake in American Airlines – Egypt delays 5-year Treasury bond sale

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

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

 

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