Middle East
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The strength of demand for emerging market new issues this week was a surprise to many on the sell-side. Every deal from the CEEMEA region flew, with each pulling off a spectacular result.
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A Lebanese former investment banker and advocate of public-private partnerships (PPPs) has been nominated to challenge Donald Trump’s candidate for the role of president of the World Bank Group. -
Türk Telekom printed a $500m six year bond on Thursday at 7%, capping an extraordinary week in the CEEMEA bond markets. The company's outstanding paper had rallied following the release of initial price guidance for the bond, such was the demand for exposure to the credit.
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Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, sold its $600m five year sukuk on Wednesday at a level that was so tight it even took the deal’s lead managers by surprise.
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Over the past year, Asian investors have become pickier about which Gulf credits they buy, and it has felt to some in emerging market bonds that marketing Middle East issuers to them can be futile. But a storming success for Mashreqbank this week demonstrated that engaging Asian investors is worth the jet lag.
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Dubai’s DP World has again bought shipping operator P&O Ferries for £322m, 13 years after the port operator first acquired the company.
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State-owned electricity company, Saudi Electricity Co (SEC) said on Wednesday that it will raise a Sr15.2bn ($4.05bn) loan from a consortium of domestic lenders.
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Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, has tightened price guidance for its five year sukuk with order books for the deal already over $2.5bn.
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Bank Muscat's Islamic banking arm, Meethaq, has requested proposals from banks for its debut loan syndication.
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Middle East issuers are expected in the bond market in droves, with Egypt and Mashreqbank leading the charge this week.
