Middle East
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Turkey hit screens on Wednesday, announcing a February 2026 euro benchmark, following up on its success in dollars in October. -
Garanti Bank has launched syndication to refinance a $1.15bn-equivalent loan, as bankers assess Turkish banks' funding activity during the country's recent period of economic upheaval.
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FX and equity markets jump as a possible US-China trade deal is back in sight, Chinese president Xi Jinping promises more developments on free-trade zones and a registration-based stock system, and the Dubai International Financial Centre takes action to expand Chinese institutions’ access to the Middle East Africa and South Asia (MEASA).
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The US Treasury has lifted sanctions on two Turkish officials following the release of pastor Andrew Brunson — a US citizen Turkey had detained for two years on suspicion of espionage and links to terrorism.
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Qatar may still be under a blockade set by its Gulf neighbours, but bankers are optimistic about its borrowers' prospects in the loan market just as Qatar National Bank (QNB) returns for its second deal this year, writes Mariam Meskin.
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Yapı Kredi is the latest top tier Turkish bank to refinance hard-currency debt, with a $1.1bn equivalent loan. It is the largest Turkish bank refinancing of the season, indicating that there is resilience in the market, and Garanti Bank is set to follow.
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Mubadala Development Company printed its $800m 10 year bond on Wednesday, refinancing its tendered 2021s and 2022s and taking a minimal amount of new money in the process. But the new issue premium paid is under debate.
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Nogaholding sold its $1bn dual tranche bond on Wednesday from a book of around $2.5bn, demonstrating Bahrain borrowers’ access to the bond markets after the country’s bailout from its Gulf Co-operation Council neighbours in October.
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Islamic Development Bank launched its first euro benchmark on Wednesday, raising €650m with a five year bond.
