Middle East Bonds
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First Gulf Bank’s return to Swiss francs received an enthusiastic welcome on Tuesday as local investors leapt at the chance to buy new high grade paper from the Middle East for the first time in two years.
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Three CEEMEA issuers announced this week that they were meeting investors as the low rates environment continues to attract borrowers to the market. But after the lead managers on deals from Emirates NBD and Brazil’s Votorantim in euros failed to tighten pricing from initial guidance levels, there are questions over market appetite. On Thursday evening one of the issuers postponed, saying they would “re-engage with investors later”.
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Emirates NBD has sold a trio of privately placed medium term notes, amid growing demand for MTNs from the region.
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DP World, the container ports group, is roadshowing a dollar benchmark conventional bond issue this week via Barclays, Citi, Deutsche Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi and Société Genérale.
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With the sovereign back in the international bond markets, the path is gradually clearing for Egypt’s banks and companies to finally access the global debt markets. Meanwhile, demand for Egyptian equities is picking up pace.
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President Abdel Fattah el-Sisi has brought much-needed strong leadership back into the heart of Egyptian government. His task now is to rebuild the country’s economy. -
While Egypt’s banking sector remains strong despite the upheavals of recent years, the loan to deposit ratio is exceptionally low, even by emerging market standards. The message? Corporate Egypt needs to start borrowing again.
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Foreign direct investment is returning to Egypt, with $8bn expected in 2015 — double the volume attracted last year. While the new investment law will make it easier for foreign companies, the trick will be encourage new inflows — which have been poor since the Arab Spring.
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Depending on which statistics you read, up to 75% of Egypt’s workforce is employed in the SME sector, making it a crucial part of the country’s economy. Getting finance into the sector is therefore crucial.
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The sun is beginning to shine again on Egypt’s tourism sector as visitors start to return in number after the 2011 revolution. As the tourists return so will investment, aided by the government sponsored tourism private equity fund that could ultimately reach $1bn in size.
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With $16bn needing to be spent a year between now and 2020 to plug its infrastructure gap, Egypt has its work cut out. One of the most ambitious projects is to widen the iconic Suez Canal which could cost $200bn over the next 15-20 years.
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