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GC Asia
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Oil price war confirms what investors feared about Saudi Aramco
Saudi Aramco’s IPO last year was a historic event for the company and its owner, Saudi Arabia, but despite a record $29.4bn being raised at IPO, international investors stayed away. They had demanded that the shares offered a discount to other listed oil majors, in part because of the political risk associated with the company. The fact it is now a tool in Saudi Arabia’s oil price war with Russia will have vindicated many in their decision to sit out the deal.
31 Mar 2020 -
Oil’s fresh turn down keeps EM feet to the fire
Emerging markets bondholders started the week in another round of pain as the price of oil fell to a 17-year low, dragging down risk sentiment and putting fiscal balances into more doubt.
30 Mar 2020 -
NMC's convertible bonds become worthless
NMC Health’s $360m convertible bonds are trading at mere cents on the dollar, suggesting virtually no recovery value after the scandal-hit UAE hospitals group said on Tuesday it had discovered even more undisclosed debt.
24 Mar 2020 -
Kuwait's Equate stuns with triple-tranche pitch
Kuwait's Equate Petrochemical stuck its head above the parapet this week, holding investor calls for a triple-tranche bond issue.
24 Mar 2020 -
Gulf states to up borrowing to offset Covid-19 hit
The spread of Covid-19 in the Middle East and the simultaneous drop in oil prices has prompted governments across the region to increase borrowing from capital markets. But some credits will have a far easier ride than others, bankers and experts said.
23 Mar 2020 -
Bank Muscat raises debt despite downgrade
Oman’s Bank Muscat, which is part-owned by the Sultanate of Oman, raised a $650m loan from international lenders. The loan was announced amid Moody's downgrading the bank and the Omani sovereign, the latest in a string of rating actions that have pushed the challenged Gulf nation into junk territory.
17 Mar 2020 -
EM lenders open for business – but only for top credits
As the deadly Covid-19 virus continues to wreak havoc on global markets and supply chains, emerging market lenders are proceeding to discuss financing options with clients, but are only comfortable funding those of the highest quality, according to bankers. Origination processes are becoming more stringent than ever, with some lenders requesting to see borrowers detailed contingency plans.
16 Mar 2020 -
Finablr's stock suspended less than a year after IPO
Finablr’s shares have been suspended and the company has warned that it may go out of business just ten months after ts IPO.
16 Mar 2020 -
Finablr faces cash shortage as Covid-19 damages UK-listed corps
Finablr, the parent company of Travelex, has issued a warning that it may struggle to access financing due to the impact of the Covid-19 coronavirus and its association with NMC Health, causing its share price to slump to a record low.
12 Mar 2020 -
NMC Health investigation finds evidence of fraudulent behaviour
NMC Health, the scandal-hit UAE-based hospitals operator, has $2.7bn in undisclosed debt, taking its total gross debt to around $5bn, and an investigation into its finances has found evidence of serious fraud.
12 Mar 2020
