
Emerging Markets


Middle East sukuk pipeline muted as rates and regulatory uncertainty cast doubts over issuance
With just over a month to go before the Thanksgiving holiday brings markets to an unofficial close, hopes for a flurry of activity in the Middle East sukuk market are muted.
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Namibia on track to repay November Eurobond at maturity, focus shifts to ZAR issuance – Finance Ministry
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Virtual Event: Russia- Banking and Corporate Restructuring Outlook
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South Africa’s SOE restructuring outlook and lessons learnt for Eskom
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Business rescue process proves problematic for South Africa’s state-owned entities
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Cameroon readies IMF discussions amid strained debt metrics – Africa Weekly Comment
The Government of Cameroon’s debt metrics have come to the fore as it gears up to negotiate a new IMF-funded programme, market participants said.
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Poland introduces new restructuring procedure in wake of pandemic; state aid package most generous in region
A new type of court restructuring proceeding has been introduced in Poland as part of the COVID-19 crisis legislation: simplified restructuring proceedings available until June 2021, allowing the debtor to individually initiate the proceedings, said Karol Czepukojc and Pawel Dlugoborski, two counsels co-heading Baker McKenzie’s restructuring and insolvency practice in Poland.
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Egypt helps push Green bonds to fresh heights – MENAT Weekly Comment
It has been a week of new records, according to Todd Schubert, Head of Fixed Income Research at Bank of Singapore. The Arab Republic of Egypt’s USD 750m 5.25% 2025 green bond was both the first green sovereign issuance in the region as well as the world’s first high-yield green bond, Schubert explained.
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Angola comfortable at current oil prices after negotiating USD 6.2bn debt-service savings – Finance Ministry official
Angola’s Eurobonds have been one of the most volatile since the advent of the coronavirus crisis. The oil exporter has been dealt a crushing three-way blow by the COVID-19 pandemic, as economic and health crises exacerbate the revenue loss from lower crude prices.
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IDO’s USD 500m debt to be split into two on OpCo and MidCo levels
The USD 500m debt of Istanbul Deniz Otobusleri (IDO), a Turkey-based ferry company, will be divided into two as a sustainable and unsustainable loan, which will be reinstated separately on the OpCo and MidCo levels, according to two sources familiar with the situation.
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Belarus bonds spark ESG debate; economic sanctions risk could discourage holdings
Joint lead managers of the Government of Belarus's USD 1.25bn Eurobonds issued in June - Citigroup, Raiffeisen Bank International (RBI) and Societe Generale - and secondary market trader Barclays have been sent letters urging the lenders to terminate involvement with the notes, according to the correspondence with the banks seen by Debtwire.
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Lebanon: key issues facing the country as efforts to form cabinet continue
Political uncertainty continues to grip Lebanon after the country missed a deadline set by French president Emmanuel Macron to form a government and unlock critical financing this week. As efforts to fill a cabinet led by premier Mustafa Adib continue in earnest, we outline the main issues facing the crisis-stricken country and how they impact its USD 90bn sovereign debt restructuring.
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Turkish state-owned bank lending spree to stave-off COVID-19 crash
Still reeling from the aftermath of the currency crisis in Summer 2018, Turkish corporates are poorly positioned to weather a fresh storm caused by the coronavirus pandemic, according to market participants polled by Debtwire.
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