Middle East
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The Republic of Turkey is returning to the bond markets for the fourth time this year with a dollar tap of the $2bn 7.625% 2029s it sold in January, continuing to front load for its $8bn 2019 funding target. -
Qatar Islamic Bank has launched its $750m five year benchmark sukuk at 150bp over mid-swaps.
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Emirates NBD brought its first additional tier one (AT1) bond to market on Wednesday, printing the Middle East’s largest deal in the format. Now others in the emerging markets are set to follow.
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Dubai-based payments company Network International has kicked off investor education for its IPO on the London Stock Exchange, which is expected to value the business in the region of $3bn, according to a source close to the deal.
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Emirates NBD came to market for its first additional tier one bond on Wednesday morning, printing what what data suggests is the Middle East’s largest ever deal in the format.
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A slowdown in loans activity in Europe and the Middle East has thrown the market’s usual supply-and-demand dynamics out of balance. Now although international lenders are eager to lend, they are having to make concessions to borrowers.
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Garanti Bank, Turk Eximbank and Ziraat Bank have begun refinancing one year loans, according to two loans bankers. Pricing is said to be in line with Akbank, which launched a refinancing in early February.
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Turkey’s economy contracted sharply in the last quarter of 2018, bringing the economy into a formal recession. But investors remain happy to pile into Turkish paper.
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Rating: Aa3/AA-/AA-
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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.
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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.
