Call us on
+44 (0) 207 045 0920

CEO CFO Insights MENAT

18 Jan 2019   Projects, Macro, Middle East

GCC CFOs Look Towards ECA Market, Eastward, as Tenor Appetites Stretch Out

Borrowers based in GCC countries are increasingly looking to new pools of liquidity in a bid to satisfy growing demand for longer-term funding. But deepening concerns around the implementation of VAT, rising interest rates and softening demand for emerging market assets continues to weigh on credit markets, according to feedback from borrowers at an exclusive Breakfast Briefing hosted by HSBC and Bonds & Loans at the 2018 Project, ECA and Structured Finance event in Dubai.

Omantel Treasurer: Increased Funding Costs, IFRS9 to Weigh on Capex-Heavy Sectors in GCC

Omantel, Oman’s majority state-owned telecommunications company, last year completed a USD2.25bn acquisition of shares in Zain Group, a regional competitor. The deal was funded with a bridge loan that was later refinanced with a term loan and the largest corporate bond issued out of the country – a dual-tranche senior secured offering which attracted a wide group of investors from around the world, including Europe, Asia and the US. We speak with Narayanan Seshan, General Manager of the Treasury at Omantel, about this deal and other “funky” financing structures emerging in the region.

Quick Take: Burcu Geris, Vice President and CFO, TAV Airports on the Markets, Treasury Objectives

Bonds & Loans speaks with Burcu Geris, Vice President and CFO, TAV Airports Holding about the company’s funding objectives and how markets are influencing the company’s approach to fundraising.

Baladna CEO: ‘Blockade a boon for Qatar’s dairy sector’

When a UAE and Saudi-led diplomatic and economic blockade on Qatar was first announced in June 2017, many economists were concerned about the Gulf country’s ability to absorb the shock of being cut-off from key trading partners. In an odd twist of fate, the move led to an acceleration in Doha’s drive for economic self-sufficiency that became a boon for some of the country’s key domestic sectors – food and agricultural businesses among them. Bonds & Loans speaks with Peter Weltevreden, CEO at Baladna, one of the country’s largest dairy producers, about how the blockade has accelerated its corporate development plans in the run-up to a highly anticipated 2019 initial public offering.

ADNOC CIO on Capital Efficiency, Investment Strategy and Downstream Growth

Abu Dhabi National Oil Company (ADNOC) has over the past year inked a number of landmark – and in some cases pioneering – transactions, part of a bold new strategy aimed at expanding and enhancing the company’s global position. We speak with one of the architects of the funding strategy behind it, Michele Fiorentino, Chief Investment Officer at ADNOC.

Orpic Treasurer: Addressing capital structure imbalances created by aggressive growth

Orpic (Oman Oil Refineries and Petroleum Industries Company) is jointly owned by the Government of Oman and Oman Oil Company and is one of the biggest and fastest growing businesses not just in the country but the region more broadly. Bonds & Loans spoke to Alexandre Clar, MG Treasurer at Orpic, about how the company plans to finance its rapid expansion and new initiatives.

Metito CFO: “Managing exposure to EM investments under the IFRS 9 ECL model is a challenge in GCC”

Metito is a leading provider of choice for water management solutions in the emerging markets with operations covering segments including chemicals, and utilities. Although the company is based in the Gulf, it operates on a global scale. We speak to the Holding’s CFO Wafic Ghanem about Metito’s funding plans for the coming year, including hedging and refinancing programs and market diversification.

MLP Care CFO: Smart Balance Sheet Management Key to Finding Borrowing Windows in Turkey

Turkey’s healthcare industry has moved forward leaps and bounds since the government overhauled the sector in 2003, and the present currency dynamics coupled with high external savings rates and a huge concentration of domestic medical expertise has translated more recently into a health tourism boom – a bright beacon floating in troubled waters. Bonds & Loans speaks with Burcu Öztürk, CFO of MLP Care, a hospital operator, about how the current economic conditions in Turkey have influenced the company’s approach to the markets and its balance sheet.

Interview: Sharjah DMO Director on the Building Boom in UAE, ECA Financing and PPPs

With trade wars and geopolitics-related volatilities engulfing global markets, the GCC finds itself in an unusual role of a relative safe-haven, insulated from the tremors by strong growth and a high oil price. We speak to Tom Koczwara, Director of the Government of Sharjah’s Debt Management Office, about prospects and challenges facing the Emirate.

Neeraj Agrawal, CFO, Crescent Petroleum on Raising New Capital in Rising Rate Environment

Neeraj Agrawal, Chief Financial Officer of Crescent Petroleum sat down with Bonds & Loans at the Bonds, Loans & Sukuk 2018 conference in Dubai to talk about the funding team's key priorities this year, and dislocations between risk and the perception of risk in the GCC.

 

More Articles

 

Subscribe