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Even if ceasefire succeeds, investors will still want a risk premium
Funding costs and new issue premiums are much higher than GCC issuers are used to
Senior banker will move to Abu Dhabi to take up position
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Two Eurobonds issued by EA Partners were still stuck trading around 85-87 on Tuesday after Air Berlin announced its insolvency last week with investors leftwaiting for further announcements from the issuer. -
Investors missed a strategic warning from Etihad earlier this year when the company removed the CEO in charge of its $4bn expansion strategy, and were blindsided this week when its partner airline Air Berlin filed for bankruptcy, write Virginia Furness and Aidan Gregory.
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“I was confused before I went in, and even more confused when I came out,” was how one EM investor described meeting Etihad and its partners to discuss its now infamous structured notes.
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Saudi Electricity Co (SEC), the largest utility company in the Middle East and North Africa, signed its largest international syndicated loan of $1.75bn on Wednesday with eight banks.
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Air Berlin’s move to file for insolvency has caused a 12 cash point sell off in two structured bonds issued by Etihad called EA Partners I and II, but backed by airline partners including both Alitalia and Air Berlin.
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The spat between Qatar and its GCC neighbours has reared its ugly head in the capital markets, with the possibility of Abu Dhabi informally boycotting Qatari-owned banks on the table. But neither side is likely to really feel the pinch.
