The saying ‘water is the new oil’ has never been more accurate than it is today. The Middle East, Turkey and Africa (META) contains some of the world’s most water-scarce regions. Population growth and urbanisation have led to a rising demand for water and growing levels of wastewater. Increasing water production and ensuring efficient, effective wastewater treatment are essential to the continued development of the META region.
Bonds & Loans speaks with Irakli Gilauri, CEO of BGEO Group about the company’s funding strategy, its first – and the country’s first – local currency Eurobond, and how other emerging market corporates can help deepen demand for local currency assets.
Rosselkhozbank to issue perpetual bonds – Petropavlovsk preparing its bond market debut –Croatia to hold a repo auction – Moldova cuts interest rates – Eurotorg issues Belarus’ first corporate bond – Greece to tap the international markets again – BOE hikes rates for first time since August 2016 – Relations between Turkey and the EU continue to deteriorate
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%
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.
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.
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
Following years of oil price-driven fiscal deficits, the latest data suggests growth in the MENA region is due to pick up in 2018 and 2019 – but will those renewed growth prospects lead governments to reconsider moving forward with a raft of critical projects that many were forced to delay? Analysts are optimistic, but whether those projects are financed through PPPs or more traditional procurement strategies – and the extent to which they can attract private funding – remains to be seen.
Bonds&Loans speaks with Hakan Eryilmaz, Deputy CEO of Türkiye Halk Bankası A.Ş. (Halkbank), about Turkey’s ambitious growth targets, the lending environment, and making the country’s capital markets more accessible to corporate borrowers.
Western sanctions against Russia could stay in place for the next 10 years – Russia Railways issued a RUB15bn bond – Belarus could face further rate cuts – Kazakhstan’s Central Bank to sell USD1bn in assets – Hungary tapped the markets with 10-year notes – Diplomatic tensions take a toll on Turkey’s assets – Tupras sold USD700mn of fresh debt
- Africa Credit Markets Brief: 04 October – 18 October
- Middle East Credit Markets Brief: 27 September – 11 October
- CEFC Takes Stake in Rosneft as Russia and China Edge Closer
- Off the Record: Middle East DCM Must Evolve to Prosper in Challenging Times
- Russia, CIS, Europe & Turkey Credit Markets Brief: 21 September- 5 October
13 Nov 2017