The Middle East in the Capital Markets

Request a PDF

  • Rich states adjust to harsher climate as oil keeps flowing

    Oil prices are central to the economies of the Middle East so the commodity price collapse of the last year has had a big impact. But how bad is the outlook for growth and government finances? Chris Wright assesses the situation.

  • Middle Eastern sovereigns face up to a new reality

    Falling oil prices, escalating geopolitical tensions and now a slew of ratings downgrades — the Middle East’s sovereign borrowers have a lot to contend with. But strong local demand and appropriate spreads should ensure ample funding is raised this year, writes Virginia Furness.

  • Foreign and local demand shifts bond-loan balance

    The drop in oil prices in 2015 prompted Middle Eastern goverments and companies to rethink operations — pulling back on some projects, gobbling up reserves and adjusting subsidies. GCC international bond issuance took a hit as a result — last year $20.8bn was printed, down from $26.3bn in 2014. Looking forward to 2016, some issuers have announced more bond market issuance to fill funding gaps, others less as they brace for slower growth. At GlobalCapital’s roundtable, held in Dubai on January 26, representatives from companies, banks and goverments gathered to discuss how best to navigate demand and tap new pools of funding, as well as the changing attractiveness of the bond and loan markets.

  • Sukuk the rock to cling to in Middle East storm

    The fiscal strain of low oil prices in the Middle East has prompted international investors to flee the region. Spreads have blown out but issuers need funding. That means the sukuk market could be about to come to the rescue, writes Virginia Furness.

  • Investors sanguine on MidEast, hope China and US stay afloat

    Once abundant, Middle Eastern capital market demand is drying up as the oil price has sunk ever lower. Meanwhile, fears of the knock-on effects of China’s economic woes have been making international investors fret. On the face of it, the Middle East is likely to face huge challenges this year. At GlobalCapital’s roundtable on January 26, bankers and investors in the region assembled to discuss how they see the opportunities and risks inherent in investing in the Middle East. Can the region ride out the storm?

  • Paying up in new era for bank funding

    Deposit rich Middle East banks will not turn away from the capital markets this year, but, as lower liquidity sets in and international banks compete for position, they will have to grow used to paying more for funding, writes Tyler Davies.

  • Middle East corporates bound back to bonds

    The loan market has provided ample support for corporates across the Gulf Co-operation Council (GCC) and Egypt in the last 18 months. This will continue, but issuers will also reacquaint themselves with the bond market with innovative products this year, writes Elly Whitaker.

  • Regional bid holds up as internationals turn away

    For all the difficulties facing bond issuers in the Middle East, at least local investors are still participating in deals. But issuance itself is scarce which could lead to more cash being sent to find opportunities further afield, writes Chris Wright.

  • Cash strapped governments look to project finance

    The liquidity crunch in the Middle East may have positive consequences for the development of infrastructure finance in the region — and in particular the role of private capital, says Chris Wright.

Publisher: Oliver Hawkins

Telephone: +44(0)20 7779 7304

Commercial director of events: Daniel Elton

Telephone: +44 (0)20 7779 7305

 

Publisher, special projects: Ashley Hofmann

Telephone: +44 (0)20 7779 8740