Middle East

Kuwait International Bank (KIB) made a spectacular bond market debut on Wednesday, securing a $4.6bn book for a $300m additional tier one sukuk bond. The issuer also impressed by placing 51% of the paper with investors from outside the Middle East region.

Kuwait International Bank has come to market for its first ever bond — a $300m additional tier one capital benchmark. It has met strong demand, despite the limited size.

The International Federation of Red Cross and Red Crescent Societies (IFRC) plans to issue a sukuk as part of its fundraising for a water, sanitation and hygiene programme.

Hitesh Asarpota, a managing director at Emirates NBD Capital, has taken over loans syndication, in addition to his current responsibilities.

Türkiye İş Bankası has closed its first semi-annual refi for this year, as the refinancing season for Turkish banks comes to an end.

Loan bankers are coming to the painful realisation that emerging markets borrowers will be increasingly drawn to the bond market this year. Conditions there are becoming ever more attractive, perpetuating a decline in global loan volumes. But those companies abandoning loans for bonds should bear in mind the advantages of the loans market, not least its resilience.

Kuwait International Bank hit screens on Tuesday morning announcing a roadshow for its first ever bond — an unrated additional tier one sukuk with a five year call date.

Garanti Bank has closed its loan refinancing at $783m-equivalent after receiving an orderbook of over $1bn. The borrower has welcomed 14 new lenders, as banks demonstrate their commitment to troubled Turkey.

Majid Al Futtaim (MAF) brought the world’s first benchmark green corporate sukuk to market last week. Chief executive Alain Bejjani said the format had helped the leads price the deal tighter and that they would return to the green market.

Oman, one of the most fiscally challenged sovereigns in the Gulf, is set to raise a $2.85bn commodity linked pre-payment facility. Natixis and Société Générale are expected to lead the transaction, according to bankers.

Dubai Aerospace Enterprise has made a quick offshore loan comeback, aiming to raise $300m.

Investors appear to be split over whether or not Turkey will follow through with its proposed purchase of a Russian S-400 missile system, in the face of likely sanctions from the US if it does.