Middle East

  • Oil price war confirms what investors feared about Saudi Aramco

    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.

  • Oil’s fresh turn down keeps EM feet to the fire

    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.

  • NMC's convertible bonds become worthless

    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.

  • Gulf states to up borrowing to offset Covid-19 hit

    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.

  • Bank Muscat raises debt despite downgrade

    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.

  • EM lenders open for business – but only for top credits

    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.

Middle East News Archive