Middle East

The US Federal Reserve delivered a 25bp rate cut as expected on Wednesday, but the signalling failed to satisfy investors desperate for more accommodative policy, causing a mild sell-off in emerging markets.

Dubai's biggest bank, Emirates NBD, has completed its acquisition of Turkey's DenizBank from Sberbank as the binge of bank mergers in the Gulf continues.

GEMS Education hit the market on Tuesday for a $1.65bn financing package for CVC’s purchase of a minority stake in it. The loan margin had to be widened and the euro tranche of the bond was dumped in favour of extra dollar debt, but the bond is trading strongly in the secondary market.

The state of Israel returned to the yen market for the first time in 18 years this week to raise ¥15bn ($140m) of seven year debt. The private placement marks the state’s third visit to the capital markets in 2019 and its first non-euro trade of the year.

GEMS Education came to the market on Tuesday with a pair of seven year senior secured bonds. The issues form part of a larger debt package being raised to support private equity firm CVC Capital Partners purchase a minority stake in the Dubai-headquartered education provider.

Investors’ fears were realised on Thursday when the Turkish central bank lowered its key policy rate by 425bp. Analysts joined them in saying that the move will provoke a return of inflation, damage the lira and complicate loan pricing.

A pair of Middle Eastern credits received large orders for what may be among the last bonds issued before the summer lull.

Renewables pair bring sunshine to project finance market - National Bank of Oman launches loan syndication - Cubico lights up project finance desks - Drax completes bridge refinancing with PPs, ESG debt - Italy’s IMA raises €50m via Euro PP market

Oman came to market on Thursday for a pair of dollar benchmarks, offering initial price thoughts onlookers described as "generous" and gathering a large order book ahead of the opening of the New York market.

An expected return of Brexit volatility means that there are likely to be fewer UK firms doing IPOs in the fourth quarter of the year, but London will continue to host high profile international listings to make up the shortfall.

Investors’ fears were confirmed on Thursday when the Turkish central bank lowered its key policy rate by 425bp. Analysts joined them in saying that the move will provoke a return of inflation and damage the lira.

The National Bank of Oman (NBO) has mandated two local lenders to arrange a term loan. The deal comes amid a brief capital markets flurry in Oman, despite a tumultuous period for the cash-strapped Sultanate, which has seen its ratings downgraded.