Ezdan Holding Group, Qatar’s largest privately-owned real estate developer, raised US$460mn through a competitively priced syndication in a bid to help refinance existing maturities and extend the tenor of existing debt.
UAE-based lender National Bank of Abu Dhabi (NBAD) broke new ground by becoming the first MENA issuer to tap the green finance markets with a debut US$587mn 5-year green bond. The deal marked the largest size and tightest spread for an FI green issuance across the emerging market space, excluding China.
Unlike borrowers in other parts of the world, those based in the GCC region have flexibility in being able to access funding from both conventional and Islamic bank. But co-financings involving conventional and Islamic banks raise structural issues which need to be overcome in a way which is going to be acceptable to both sets of banks.
Saudi Arabia loses market share in the oil sector – Saudi Electricity Co. in talks over sukuk – ACWA makes landmark 22-year trade – Etihad bonds drop on Alitalia news – UAE bankruptcy laws to improve operating environment – Dana Gas in debt restructuring talks – ADCB plans new issue – QNB hits the market, plans to make inroads in KSA – Bahrain feels FX strain – Oman in US$3.6bn loan talks – OETC prices upsized trade – Jordan places another Eurobond – NBK mulls new unsecured notes – Iran struggles to attract foreign investment
Whether you call it Fintech, Insure-tech or Takaful-tech, Fintech has become a buzzword in the Islamic finance industry. Though not a sudden development, the evolution of Fintech in the industry has evolved rather rapidly.
Kuwait maintained GCC sovereign mega-bond momentum, tapping the markets for an aggregate of US$8bn in the biggest ever EM dual-tranche issuance. Kuwait’s debut on global debt capital markets marks the biggest CEEMEA transaction this year to date.
After wowing the markets with its landmark US$17.5bn sovereign bond, the KSA repeated the trick on the Islamic finance side, issuing the largest sukuk in history and pricing effectively flat to the conventional sovereign curve.
UAE-based airline Etihad Airways tapped the Islamic finance market with the largest ever sukuk issuance in the MENA region’s aviation history to date, an impressive debut.
Despite depressed oil prices and a broader economic slowdown which has led to record unemployment in the GCC, the topic of pension reform has garnered shockingly little attention. Whether considered from the perspective of taking better care of a rapidly ageing population, or further – some would argue, much needed – development of the region’s asset management sector, it’s an idea whose time has come.
Spending cuts, non-oil revenue measures and falling subsidy bills have all contributed to falling fiscal break-even prices. However, only Kuwait, Abu Dhabi and Qatar are somewhat more comfortable at current oil price levels, taking investment income from their large wealth funds into account. Break-even prices are slated to remain high in Bahrain, Oman and Saudi Arabia even after recent reductions, and their balance sheets will continue to worsen in the absence of further fiscal adjustment or a stronger oil price rally.
- CASE STUDY: EQUATE Breaks Barriers for GCC Corporate Issuers with US$500mn Debut Sukuk
- Low Oil Price is Testing GCC Commitment to Currency Pegs
- Oman Shipping Company CFO Charts Course for Successful Financial Management During a Downturn
- After a Record Year, Will GCC Borrowers Keep Up the Pace in 2017?
- CASE STUDY: KNPC Scores Largest Dual-Tranche Syndicate Loan in Kuwait to Date
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