Middle East

Qatar plans to buy $500m of Lebanese government bonds, providing the beleaguered country with a slight reprieve from its bond market woes.

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Turkey’s export-import bank (Turk Eximbank) raised $500m with a five year bond on Wednesday, becoming the first Turkish borrower, apart from the sovereign itself, to access the market since the lira crisis. The deal benefitted from a relief rally following a Turkish central bank meeting on Wednesday.

Turkey’s export import bank raised $500m on Wednesday, returning to the bond market for the first time since the Turkish currency crisis in 2018, benefiting from a relief rally following the Turkish central bank meeting on Wednesday.

First Abu Dhabi Bank (FAB) printed its $850m five year sukuk on Tuesday, becoming the first bank to sell an international sukuk intraday.

The Turkish Central Bank kept interest rates unchanged at its meeting on Wednesday – a great relief to investors who feared the country might make another monetary policy misstep.

First Abu Dhabi Bank printed its $850m five year sukuk on Tuesday, increasing the deal size from an expected $750m and paving the way for an additional tier one trade from Dubai Islamic Bank on Wednesday. The deals are the first bank trades from the Middle East this year.

Turk Eximbank has released initial price guidance for a $500m five year senior unsecured bond.

Dubai Islamic Bank finishes the roadshow for its additional tier one bond on Wednesday. The market is eagerly awaiting pricing details and though no call has yet been confirmed, bankers and investors are expecting the bank to redeem its outstanding tier one in March.

First Abu Dhabi Bank’s five year sukuk benchmark, which has raised a book of $2bn so far, is prompting renewed discussion over fair representation of joint lead manager interest in Middle East bonds.