Guest post: Vulgaristan prepares debut bond issue
By Timothy Ash of Standard Bank
New issues are finally coming out of the woodwork and pricing very, very aggressively. It’s set to be a feeding frenzy across EM, and any EM issuer worth its salt, or its rating, is likely to want to get some cash (as much as possible) in the bank.
I am tempted to say that almost any issuer, whatever the name and fundamentals, with a bit of carry could tap this overbaked and pretty ridiculous market. Continue reading »
Guest post: Dana Gas – big trouble in little Sharjah
By Ghassan Chehayeb of Exotix Limited
A showdown is brewing in Sharjah, the UAE’s third largest emirate. Sharjah-based Dana Gas, a natural gas-focused E&P company, has a $920m sukuk due in five months, yet the issuer is far short of the required funds to repay the obligation. The sukuk’s price has fallen from above 95 in July 2011 to just 68, as restructuring headlines continue to spook investors. Continue reading »
Dubai restructuring: squeezing lenders
The lawyers have been busy this week in Dubai’s crowded debt-restructuring market.
First, debt-laden ship repairer Dubai Drydocks escaped from a group of its creditors – by seeking insolvency protection in the emirate at a special tribunal.
Then on Thursday, Dubai International Capital, the troubled private-equity vehicle controlled by the ruler’s holding company Dubai Holding, finalised a $2.5bn restructuring deal with lenders. Continue reading »
Arcapita: sharing the pain around
Bahrian’s Arcapita bank has thrown creditors a bit of a curve ball. The bank has decided to file for bankruptcy protection in the US after talks over an upcoming bank maturity of $1.1bn on March 28 broke down.
It’s the first time a Gulf company has sought Chapter 11 refuge in US courts, and creates a new level of public scrutiny for the bank – as well as an uncertain outcome for those wanting their money back. Continue reading »
Magyar Telekom and the Balkans: tough nuts to crack
When Magyar Telekom, under its earlier name of Matav, moved into the Balkans after the turn of the millennium, the rationale was straightforward enough. As a former communist-era monopoly turned around under the hand of majority owner Deutsche Telekom in the previous decade, the Hungarians were well-quipped to do a similar restructuring job on incumbents in the Yugoslav successor states. Continue reading »
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