Middle East
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Albaraka Turk Participation Bank and the Islamic Development Bank have signed a $40m Islamic financing facility to support small and medium enterprises in Turkey. -
A number of highly anticipated emerging market IPO issuers are understood to have shifted listing plans to next year instead of the last quarter of 2019.
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ING's Turkish arm, ING Bank AS, has raised a $309m-equivalent trade finance loan from international lenders. The deal is a precursor to the year's second round of Turkish bank refinances, expected to begin in the next month.
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The rout of the incumbent president Mauricio Macri in the first round of the Argentina elections has investors worried. Argentina’s debt, and that of other 'vulnerable' credits, suffered a huge sell-off early on Monday. But bankers believe that it was not so bad that the primary market will not reopen in September.
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Middle East loans activity has fallen this year, confounding last year's hopes among bankers, with blame falling indirectly on the US-China trade war and sluggish global growth.
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Emerging market loan bankers have been trying to understand the impact on syndicated lending of the US’s latest sanctions on Russia. The proscriptions have instilled more uncertainty into a collapsing market.
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United Arab Emirates aircraft lessor Dubai Aerospace Enterprise has raised $490m in loans, its third syndicated loan in the last 12 months.
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Emirates NBD, a Dubai-based bank, has closed its dual-tranche loan at $500m with 15 lenders, increasing it from an initial size of $400m.
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Bank of Sharjah is planning to print both tier one and senior bonds before the end of 2019, according to two DCM bankers in Dubai.
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The US Federal Reserve delivered a 25bp rate cut as expected on Wednesday, but the signalling failed to satisfy investors desperate for more accommodative policy, causing a mild sell-off in emerging markets.
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Dubai's biggest bank, Emirates NBD, has completed its acquisition of Turkey's DenizBank from Sberbank as the binge of bank mergers in the Gulf continues.
