The era of unusually cheap credit followed by the Fed continuing to further tighten the market has started showing causalities worldwide, on scales previously seen during the 2008 financial crisis. In the first seven months of the year alone, the US has witnessed over 120 big bankruptcies, with a 360% surge in troubled bonds and loans in the country since 2021. Worldwide 15% of the corporate bonds and loans trading at distressed levels, currently in excess of USD 590 bn, have defaulted highlighting grave impacts for the global economy as these corporates, owing over half a trillion dollar, are faultering and showing signs of nonpayment.
As commercial real estate takes the biggest hit with distressed debt exceeding USD 168bn and private equity owned companies struggle under distressed debt of over USD 70 bn – a result of floating interest rates and a failure to hedge, the impact of the looming wave of corporate defaults will have a ripple effect across job markets, consumer spending, and the global economy as a whole.
The banking sector in the MENA region, especially the United Arab Emirates, Saudi Arabia and Bahrain have showed remarkable resilience in the aftermath of Covid-19 keeping the NPA ratios in check. Armed with conducive regulations, a sound legislative and judicial environment, the region’s banks and corporates are preparing to effectively navigate the current wave of looming defaults as growth cools globally and interest rates continue to tighten.
Source: Bloomberg media
Exclusive C-level interviews of billion-dollar plus debt restructuring cases from the region
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