Middle East
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The State of Qatar far exceeded expectations this week as it raised $12bn from a three-tranche bond, with a staggering $50bn of orders testament to the strength of global demand for the issuer and the region. Some bankers raised concerns that the size of the transaction would “break the market” but investors were more relaxed. Lewis McLellan reports. -
Two Turkish borrowers hit the market on Thursday, following in the wake of a Koç Holding trade earlier in the week and making it Turkey’s busiest week for deals in almost three years.
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Emirates NBD has picked banks for a bond in the additional tier one format, aiming to be the second such deal from a Middle East bank this year.
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The State of Qatar wowed the financial world on Wednesday with a $12bn three tranche deal that gathered a staggering $50bn of orders.
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Two Turkish borrowers hit the market on Thursday, one returning to the market after a six year hiatus. Coming in the wake of a Koc Holding deal this week, the three deals make this Turkey’s busiest week for deals in almost three years.
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Qatar National Bank Group (QNB) closed a €2bn term loan on Wednesday, getting a heavily oversubscribed deal that demonstrated strong lender appetite in its first return to the euro market for nearly three years.
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Qatar launched a long anticipated triple tranche dollar benchmark on Wednesday, hitting three parts of the curve for what may prove the largest emerging markets deal so far this year. The deal had gathered more than $35bn of orders before the US open.
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Credit Suisse has appointed Julian Corner as head of advanced execution services for EMEA, effective immediately, according to an internal memo.
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Koç Holding opened books for a six year dollar benchmark, returning to the bond market for the first time in three years. While market participants said that initial price thoughts looked generous, they expected the spread to be tightened aggressively before pricing.
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