Middle East Bonds

Türk Telekom is taking its credit story on the road head of a debut Eurobond having picked banks for its inaugural issuer last year.

Jordan will look to issue both local and foreign currency sukuk early next year, with ministry and central bank officials meeting over the next two to three weeks to discuss the debut plans.

Turkey has endured a year of turmoil since the Gezi Park protests and a prolonged emerging market sell-off derailed its economic boom. But even as protesters and police mark the anniversary with another splash of teargas, Halkbank’s result last week shows Turkey’s banks have a prime opportunity to return to the bond market and underscore the country’s strong recovery. Banks thinking of waiting for the third quarter might do well to come now.

Saudi Arabia’s National Petrochemical Co (Petrochem) plans to issue sukuk for the first time. It has asked Deutsche Bank’s Saudi arm Deutsche Securities and Riyad Capital to organise meetings with potential local investors.

Turkey has endured a year of turmoil since the Gezi Park protests and a prolonged emerging market sell-off derailed its economic boom. But even as protesters and police mark the anniversary with another splash of teargas, Halkbank’s result last week shows Turkey’s banks have a prime opportunity to return to the bond market and underscore the country’s strong recovery. Banks thinking of waiting for the third quarter might do well to come now.

Kuveyt Turk looks set to become the second Turkish participation bank of the year to bring a dollar sukuk, having applied to the country’s Capital Markets Board to issue up to $500m to foreign investors.

Two Turkish senior unsecured deals announced this week has raised hopes that covered bond issuance will soon follow, especially since two banks have now registered mortgage programmes.

Vakifbank is roadshowing the first ever euro issue from a Turkish bank via Barclays, BNP Paribas, Commerzbank, Erste Group, Natixis and UniCredit.

Dubai should push on with its plan to create a central Shariah board. Although the emirate has made good progress in striving to become the self-styled “centre for the Islamic economy”, the time is ripe for a breakthrough that would create a lasting legacy.

CEEMEA investors eager for inaugural borrowers have a trio of debut corporate bonds to look forward to. In Latin America, meanwhile, buyers have borrowers at both ends of the rating scale to choose from, with Mexico’s América Móvil and the Province of Buenos Aires in the market.

Dubai should push on with its plan to create a central Shariah board. Although the emirate has made good progress in striving to become the self-styled “centre for the Islamic economy”, the time is ripe for a breakthrough that would create a lasting legacy.

Emirates Telecommunications Corporation (Etisalat) has mandated Deutsche Bank, Goldman Sachs International, HSBC and RBS to arrange a dollar and/or euro denominated Reg S bond.