Middle East

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.

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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.

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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.

Turkey’s bonds have put up an incredible display of resilience to geopolitical shocks so far, but investors fear that an aggressive cut to the main policy rate will cause inflation to return and puncture confidence in the country’s economy.

Oman is set to return to the bond market for the first time in nine months this week. The sovereign has picked banks for five and 10 year dollar benchmarks.

The Emirates Strategic Investment Corp made its bond market debut on Tuesday, launching a $600m five year sukuk into a six times subscribed order book.

As Turkish bank borrowers prepare to refinance existing debt, a plethora of domestic and geopolitical troubles has once again brought pricing into question. Though secondary market spreads remain tight, bankers say primary issuance could widen.

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