Middle East

The Republic of Turkey has tightened price guidance for its three year sukuk to 5.9% area, with books for the deal in excess of $3.5bn.

Emirates Development Bank is lining up to make its debut in bond markets, eyeing a $750m benchmark in February.

Turkey has picked banks for its third benchmark of the year and its first since 2017 to be issued using sukuk documentation. Bankers say another Turkish borrower could mandate before the end of the week.

Philipp von Danwitz, a 20 year veteran of Deutsche Bank, has moved to a new role sitting between wealth management and corporate finance, after being put at risk in 2018.

Bahrain Mumtalakat Holding Company, the Bahraini sovereign wealth fund, has picked five banks to run a roadshow promoting a dollar sukuk benchmark.

Akbank is kicking off the first set of refinancings of the year for Turkish banks, launching its syndication with a smaller volume and tighter margins than last year’s deal. But lenders are divided on whether the deal represents an achievement for the Turkish bank, or betrays an outlook festooned with risk. Mariam Meskin reports.

Mashreqbank, the largest privately owned bank in the United Arab Emirates, is embarking on a roadshow to market a dollar benchmark five year fixed rate Reg S senior unsecured bond.

Turkish President Tayyip Erdogan said on Tuesday that Isbank will become the property of the country's finance ministry, in what a US-based investor said he saw as a 'further consolidation of Erdogan power'.

Nasdaq Dubai has entered into a licensing agreement to offer derivatives based on the FTSE Russell Saudi Arabia equity indices.

Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside of the oil and gas sectors, has kicked off the year with a $6.5bn term loan facility, as market conditions remain “borrower friendly”.

The Middle East and North Africa region will provide a large chunk of emerging market bond supply in 2019, investors said this week. The region provides excellent value, in spite of fluctuations in the oil price.

Bankers are confident that Oman can overcome the obstacles in the way of its borrowing capabilities, namely a large fiscal deficit and speculative grade ratings, in order to raise financing from international lenders.