Middle East

Yapı ve Kredi Bankası is planning an additional tier one dollar benchmark that looks likely to be the first issue of non-sovereign international bonds from the country since April.

Turkey is on track to continue its recovery in financial markets, as inflation declines and the lira rebounds from its crisis of August, according to syndicated loan bankers.

Emerging market issuers are hesitant to rush back into the market in the new year. Most are waiting on the sidelines until the tone becomes more settled and investor desks are fully staffed.

Turkey’s inflation fell for the second month running in December, prompting some analysts to predict that the central bank will cut the main interest rate in January, much to the concern of syndicate bankers.

Israel has opened the CEEMEA primary bond market for the year, mandating three banks for a euro denominated 10 year and/or long dated benchmark Reg S note.

Qatar’s Doha Bank has closed a $525m unsecured facility as lenders demonstrated healthy appetite for the small and politically isolated Gulf country.

Bankers have confirmed that Garanti Bank has closed syndication for a $1.15bn refinancing loan this week.

Once a darling of emerging markets investors, Turkey flirted with disaster in 2018 when instead of battling out-of-control inflation it followed voter-pleasing policies and plunged into a recession, amid a poisonous combination of political and monetary forces. Although Turkey and its banks have swiftly regained debt market access, its future is clouded by the harsh realities of global economics, write Lewis McLellan and Mariam Meskin.

The Middle East has been fuelling business in the CEEMEA bond and loan markets for the last 12 months. That looks set to persist in 2019, when the region’s big hitters are expected to come with multi-billion dollar financing needs to both markets. Michael Turner and Francesca Young report.

A host of emerging market opportunities are set to be presented to equity investors in 2019 with Kazakhstan likely to lead the way with a number of highly anticipated listings. Sam Kerr reports.

Emerging markets, reeling from a dreadful fourth quarter, should return to form in January, in spite of the bad conditions prevailing in the broader market.

Equate Group, the Kuwaiti petrochemical producer, has amended and extended its $1.9bn term loan and $1bn revolving credit facility, achieving a reduction in pricing and strong demand from international lenders.