Are Mispriced Distressed debt opportunities are increasing across the Middle East and Africa as companies struggle with slumping currencies and tighter government spending, according to Sancta Capital Group Ltd. “We’re still in the very early stages of this new distressed debt cycle,” Chief Investment Officer Gus Chehayeb said in an interview in Dubai, where the company has a research office. “There’s a lot more pain to come. We have not yet seen the bottom. If this was a basketball game, we’re just finishing the first quarter.” Oil’s more than 50 percent plunge since June 2014 has forced Saudi Arabia and its neighbors, among the world’s biggest crude producers, to rein-in spending to keep budget deficits in check. In Turkey, political turmoil following a failed military coup in July is pressuring banks and tourism companies, while lenders in Kenya, Nigeria, Zambia and Angola are straining because […]