Middle East
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Bond volumes from the Middle East are likely to outstrip last year’s, thanks to some jumbo-sized new issues. But before the giants awake, a debut borrower is set to emerge next week. -
Mashreqbank printed its $500m five year dollar bond on Tuesday, with orders for the deal topping $1.8bn and leads reporting strong Asian demand for the note.
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A pair of Middle Eastern borrowers hit screens announcing bond roadshows on Monday, marking the end of a period of scanty supply for what is expected to be the busiest region in emerging markets bonds this year.
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Saudi Aramco is rumoured to have mandated banks for a bond planned later this year, but bankers and investors believe there is still a long road before a deal emerges.
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Vakifbank has found competitive funding with a privately placed covered bond, its second of the year, sold via sole lead manager Credit Suisse, even though the publicly syndicated Turkish covered bond market has been closed for some time.
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The Turkish sovereign’s third bond of the year, a sukuk, was priced with no new issue premium on Wednesday, paving the way for Türk Telekom to come to market.
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The Republic of Turkey has tightened price guidance for its three year sukuk to 5.9% area, with books for the deal in excess of $3.5bn.
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Emirates Development Bank is lining up to make its debut in bond markets, eyeing a $750m benchmark in February.
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Turkey has picked banks for its third benchmark of the year and its first since 2017 to be issued using sukuk documentation. Bankers say another Turkish borrower could mandate before the end of the week.
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Philipp von Danwitz, a 20 year veteran of Deutsche Bank, has moved to a new role sitting between wealth management and corporate finance, after being put at risk in 2018.
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Bahrain Mumtalakat Holding Company, the Bahraini sovereign wealth fund, has picked five banks to run a roadshow promoting a dollar sukuk benchmark.
