Middle East

Project, ECA & Structured Finance MENA 2020 Virtual

THE ONLY VIRTUAL EVENT BRINGING BANKERS AND INVESTORS TOGETHER WITH THE MIDDLE EAST’S PROJECT SPONSORS AND DEVELOPERS

22 Sep 2020

#BondsLoans24 - Approaching the market: How are corporates managing their short, medium, and long-term funding?

Alwaled Al-Moaither (SABIC), Rajit Nanda (ACWA Power), Ahmad Alshubbar (Rawabi Holding Company), Manish Manchandya (Saudi Electricity Company), and Sabrina Al Bakri (OQ) discuss with Jean-Marc Mercier (HSBC) about their approach to fund raising post-COVI19

17 Jul 2020

#BondsLoans24 - GCC cost of funding vs. price of lending: How are loan bankers structuring and pricing deals?

Nishit Kumar (Mashreqbank), Zain Zaidi (Citi), Tariq Amin (Bank ABC), Aydin Emek (HSBC), Nik Joharris bin Nik Ahmad (Maybank Islamic) and Hamed Afzal (Akin Gump Strauss Hauer and Feld) discuss the challenges and opportunities in the GCC loan market

14 Jul 2020

#BondsLoans24 - Managing oil and gas in an age of uncertainty

Mark Cutis (ADNOC), Renè Javier Aninao (CORBŪ LLC), and Alex Johnson (GFC Media Group) discuss how the oil and gas industry is impacted by brewing geopolitical tensions, re-regionalisation of global supply chain, and the upcoming US elections

8 Jul 2020

#BondsLoans24 - Market technicals vs. economic fundamentals: Are COVID-19 and oil price pressure properly reflected in GCC bond/sukuk spreads?

Mohieddine Kronfol (Franklin Templeton Investments), Abdul Kadir Hussain (Arqaam Capital), Andrea Vigo (EQUATE), Jan Friederich (Fitch Ratings), and Farouk Soussa (Goldman Sachs) debate whether GCC bonds and sukuk prices reflect underlying risk

8 Jul 2020

Mashreqbank Global Investment Banking Head: Permanency of capital, ESG, and digitisation becoming crucial differentiators for GCC corporates in the face of unprecedented volatility

The COVID-19 pandemic has convulsed the global economy, unevenly weighing on some of the world’s largest emerging markets – not the least of which countries with a heavy dependence on oil revenues. For CFOs and Treasurers based in the GCC region, the pandemic was a crude awakening which quickly led to a liquidity squeeze that is only just starting to ease as a ‘new normal’ begins to set in. Bonds…

3 Jul 2020

Jordan Raises USD1.75bn Through Dual-Tranche Bond Sale as Economic Reopening Continues

The Hashemite Kingdom of Jordan raised USD1.75bn through the sale of five and 10-year notes in international markets this week.

1 Jul 2020

SWPC, Metito-Led Consortium Closes USD245mn Funding for KSA’s First Independent Sewage Treatment Plant

Saudi Water Partnership Company (SWPC) and a consortium led by the Metito Group reached financial close this week on a USD245mn independent sewage water treatment plant (ISTP), the first of its kind in Saudi Arabia.

5 Jun 2020

Fall in SAMA’s Reserves Due to Asset Transfer to PIF – Goldman Sachs

April saw foreign exchange reserves at the Saudi Arabian Monetary Authority (SAMA) continue to fall by an additional USD24.7bn, with the total decline over March and April now totalling some USD48.7bn. This was largely due to a liquidity injection into the Public Investment Fund (PIF).

2 Jun 2020

GCC Debt Sees Strong Demand in Q2 But Worsening Outlook Raises Alarms

GCC sovereign bond issuance surged to USD26bn and attracted more than USD140bn in demand through the second quarter of this year as the region’s governments flocked to international markets to cover deficits sent wider by lower oil prices and depressed economic activity. Some analysts say investors should not be so quick to shrug off some of the macroeconomic pressures weighing on the region.

29 May 2020

Jordan Secures USD396mn from IMF to Tackle Rising COVID-19 Costs

The IMF has approved USD396mn in fresh funding for Jordan as the Kingdom looks for additional support to plug a growing fiscal deficit stretched even wider by the coronavirus pandemic.

22 May 2020

Abu Dhabi Dips Back into April Triple-Trancher to Raise USD3bn

The emirate of Abu Dhabi raised USD3bn from global investors this week in a retap of three bonds issued just one month ago.

20 May 2020

Equate, Mubadala Sell Bonds in Busy Week for Gulf Markets

A fresh wave of bond deals out of the GCC has buoyed investor sentiment around a region hit hard by the coronavirus pandemic.

13 May 2020

Egypt Gets USD2.77bn from IMF as Coronavirus Bites

The International Monetary Fund (IMF) has approved a USD2.77bn loan for Egypt to help finance a rapid rise in healthcare spending linked to containing the spread of coronavirus.

12 May 2020

Saudi Arabia Announces VAT Increase, Suspends Cost of Living Allowances for Public Servants

Saudi Arabia announced additional measures this week to prevent the country’s deficit from spiralling out of control in the wake of a steep drop in the price of oil and a fall-off in economic activity.

11 May 2020

Bahrain Hits the Road for Dual-Tranche Sukuk in Crucial Test for Speculative-Grade Issuers

Bahrain has hired banks to help it raise fresh funding in what could be a crucial test for junk-rated sovereigns.

7 May 2020

Lebanese Political Parties, For Now, Agree to Approach IMF

Lebanon is a step closer on the path towards economic reform, as the government agrees to approach the IMF for support. Hezbollah finally withdrew their opposition to the country requesting funds from the multilateral, which could help the struggling economy, but other political spats risk delyaing the process.

5 May 2020

Garuda Sukuk Restructuring Could be a Challenge as Smallholders Make Consensus Difficult

Indonesia’s national airline Garuda may struggle to restructure a sukuk due next month as the sheer number of debt holders throws the possibility of gaining a representative credit committee consensus into question.

5 May 2020

Fall in SAMA Assets Exceeds Expectations - HSBC

Saudi central bank reserve assets fell by around USD24bn in March, according official data. Accounting for non-reserve holdings, net foreign assets fell by just under USD27bn throughout the month.

4 May 2020

Aramco Appears Well-Placed to Weather the COVID Storm, Analysts Say

Plummeting oil prices resulting from a drop-off in global demand and a simmering price war with Moscow has put a severe strain on Saudi Aramco’s balance sheet in the short-term. But in looking further ahead, the company appears well-placed the weather the current storm.

1 May 2020