A blast of arctic air across much of the US resulted in below-freezing temperatures, equipment failures and widespread loss of power last month, as electricity generators struggled to meet demand. Most of the power losses were in Texas, which is home to a large swath of petrochemical production facilities, among many other major energy and industrial operations.
Multiple manufacturers and producers shut down or lost operations as a result of the winter storm, leading to supply chain disruptions. As temperatures rise and businesses focus on the aftermath of the storm, now is the time to consider whether or not performance has been excused by force majeure clauses.
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Against the backdrop of continued growth and deepening of the GCC’s equity markets, as well as the tightening of lending criteria by many traditional commercial lenders post-COVID, convertible bonds and sukuk could provide corporates in the GCC region with an alternative source of funding in circumstances where other debt or equity financing options may not otherwise be possible.
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