Middle East

Argentina and Turkey are firmly established as volatile names in emerging market credit. Both sovereigns have political and economic issues that place them in the highly vulnerable bracket.

The US real estate investment trust Reality Income is planning a £300m bond sale to part finance its acquisition of 12 properties in the UK linked to grocer J Sainsbury’s.

Turkey’s central bank on Thursday kept its policy rate at 24% and removed a commitment to tighten monetary conditions further if needed. The announcement disappointed investors, and is expected to intensify the sell-off in the lira.

The US decision not to renew sanction waivers for Iran’s remaining export markets has boosted the price of oil and opened a window for oil and gas capital markets activity, write Sam Kerr and Mike Turner.

Saudi Telecom Company is embarking on investor meetings to market a debut benchmark dollar Reg S/144A sukuk. However, investor enthusiasm for Saudi corporate bonds may have been dented as the $12bn bond Aramco printed a fortnight ago remains wide of reoffer.

UAE alternative investment and asset management firm, Gulf Capital, has closed a $136.12m-equivalent revolving credit facility.

Islamic Development Bank and Qatar National Bank hit the market for dollar paper on Wednesday, scooping up funds ahead of Ramadan.

First Abu Dhabi Bank and Emirates NBD have printed sterling MTNs this week, adding to a flurry of deals in the currency from the Middle East.

Bank of America has hired for its hybrid capital structuring team from Morgan Stanley.

A surge in shareholder activism is providing banks with a lucrative new source of revenue, but they have to tread carefully or risk losing treasured corporate relationships, writes David Rothnie.

Islamic Development Bank is expected to raise $1.5bn with a five year sukuk on Wednesday.

The calls have started to emerge for Turkey to turn to the IMF. Turkish president Recep Tayyip Erdoğan has always been dead set against the idea — and perhaps that’s for the best.