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Middle East

CASE STUDY: QatarRE Scores Trio of Firsts on International Capital Market Debut

Qatar Reinsurance Company Limited (QatarRE) found a narrow window to launch its debut US$450mn hybrid Tier 2 notes to achieve a number of firsts including the most oversubscribed issuance from the MENA region, the tightest coupon on a hybrid capital issuance in the region, and the first US dollar denominated capital market issuance from an insurance company out of MENA.

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

GCC Investors on High Alert as Qatar Feels the Heat from Neighbours

As diplomatic dispute between Qatar and its GCC neighbours continues to escalate, both sides are taking a hit amid worsening market sentiment in the region. As investors frantically survey the markets for guidance on next steps, some fundamental disagreements between the region’s powers threaten to prolong the crisis indefinitely.

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.

Iran’s Banking Sector on Path to Recovery Despite Sanction Challenges

The situation Iran’s banks found themselves in over the past decade, cordoned off the global markets by sanctions, would take a toll on any country’s banking sector. But as relationships with the West begin to warm, Agah Group is paving the way towards reintegration with the global banking system. Bonds and Loans talks to Mahdi Goodarzi, one of the financial group’s board members, about some of the steps being undertaken to modernise the country’s banking sector.

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

Sanctions Trump Election Optimism for Potential Investors in Iran

While the partial lifting of US sanctions and President Rouhani’s recent re-election gave a boost to one of Middle East’s most promising economies, the uncertainty of Trump’s policy going forward means that Western FIs are still cautious about moving into the new 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.

Middle East Credit Markets Brief: May 11-25

KSA, US sign multi-billion dollar trade deals – IMF warns KSA on tightening monetary policy – SEC in the market for new loan – UAE loan demand increases – Dubai secures US$3bn for new airport – QIB launches US$750mn sukuk – Al Baraka prices perpetual – KNPC signs US$6.25bn loan – Oman places US$2bn sukuk – Bank Muscat launches sukuk programme – IMF boosts outlook on Jordan – Egypt raises US$3bn in international markets, boosts sentiment around deficit – Iran revives Eurobond ambitions


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