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Central banks in the region have stepped in with support and lenders are thought unlikely to let sub debt extend
Higher prices and concessions mean many issuers will wait for better days
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Finablr’s shares have been suspended and the company has warned that it may go out of business just ten months after ts IPO. -
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.
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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.
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Lebanon has started working with creditors to restructure its debt after defaulting for the first time in its history. Investors are gloomy about the chances of recovery, with prices on the country’s outstanding bonds plunging to new lows on Monday.
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Saudi Arabian fashion retailer Fawaz Abdulaziz Alhokair has raised an $800m multi-currency loan with a consortium of local lenders.
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Dubai Islamic Bank, which began roadshows over a week ago for a senior unsecured sukuk, has postponed the deal as a result of the Covid-19 virus, according to bankers near the deal. The spread of the virus has caused sharp swings in global markets, causing havoc in primary markets.
