Middle East

Network International, the Dubai-based payments company listing in London, was covered throughout its price range on its first day of bookbuilding on Monday. It built on a surge of momentum after it announced US firm Mastercard as a cornerstone investor in its IPO in March.

Saudi Aramco has published a bond programme prospectus and received its first credit ratings as it goes on the road to promote its first international capital markets transaction, which is expected to come to market this week.

Turkey’s ruling party AK was victorious in Sunday’s local elections, although polling poorly in major cities — a result that investors think will hasten economic reform.

The European Bank for Reconstruction and Development plans to raise its new investment to more than €10bn in 2019 for the first time in the bank’s history, after suffering a fall last year as it took a hit to its profits. By Phil Thornton.

JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course

It was all going so well, until it wasn’t. After a strong run for Turkish borrowers in the capital markets, news of tumbling central bank reserves sparked an investor exodus and hasty action aimed at supposed short sellers in the foreign exchange market this week. While some emerging markets old hands expect things to blow over after the country’s local elections on Sunday, any surprises there could become catalysts for a deeper crisis.

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State oil company Saudi Aramco is expected to tap the bond market in the next fortnight for a deal that could be anywhere in the region of $7bn-$15bn, according to bankers in the region away from the deal. Estimates of the premium Aramco will have to pay over the Kingdom of Saudi Arabia curve is being discussed as negative to plus 15bp, depending on the size of the deal.

Aramco’s eagerly awaited $69.1bn deal to buy petrochemical firm Sabic landed this week, prompting speculation over the financing’s structure and timing. Loans bankers are expecting to cover a large portion of the deal and expect it will be well supported, writes Mariam Meskin.

The Government of Sharjah printed a $1bn seven year sukuk on Tuesday. The strength of demand surprised even Tom Koczwara, director of the emirate’s debt management office.

Confidence in Turkey is flagging this week as the currency is fluctuating and Turkish president Recep Tayyip Erdogan has imposed limitations on Turkish banks lending lira.

Akbank has closed an oversubscribed loan, welcoming eight new banks to its syndicate and kickstarting the refinancing season for Turkish banks. The deal was signed amid increasing market uncertainty in Turkey, with the lira having weakened and uncertainty surrounding local elections this weekend.