The United Arab Emirates’ decision to guarantee new bonds and loans issued by local banks is set to spur international issuance and boost regional liquidity.
On Tuesday, the UAE Federal National Council passed legislation to provide a government guarantee for new obligations of UAE banks. Although details have yet to be announced in full, analysts expect the programme to cover bonds, medium term notes, syndicated loans and commercial paper. The decision is set be rubber-stamped by Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE and Emir of Abu Dhabi, and could be implemented as quickly as six weeks after that, said a market source.
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The Republic of Macedonia launched a pricey, long three year Eu175m bond this week, highlighting investor wariness toward lower rated, euro denominated deals.
Quasi-sovereign issuers Petrobras and ENAP attracted a total of $7.5bn demand for their new deals this week, uncorking bottled-up demand for quality Latin American credits.
Turkey has entered the latest global economic crisis on a stronger footing than many of its counterparts. But the government remains gripped by an age-old tension between remaining popular domestically and economic prudence
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