Middle East
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Two Middle Eastern borrowers printed seven year sukuk dollar benchmarks on Wednesday, restarting the market after a few weeks of flagging issuance. -
Commercial Bank of Qatar is refinancing a $1bn loan signed in 2015, in one of the country’s first syndicated loan transactions since the Saudi Arabia-led boycott, which started in June 2017.
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Two Middle East credits are on screens for dollar bond, with more in the wings waiting to come to market.
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Emerging market issuance is picking up steam once more, despite the weakening across the board in secondary levels.
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Turkish president Recep Tayyip Erdoğan waded into the drama unfolding in the Middle East on Tuesday morning. He called the disappearance of journalist Jamal Khashoggi a “pre-meditated” and “political murder”, but stopped short of revealing new evidence and left investors unfazed.
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BB Energy, a global energy trading company with a strong presence in the Mediterranean and the Middle East, has refinanced a $225m one-year revolver with a new $245m facility.
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Islamic Development Bank’s first euro sukuk benchmark is expected to come later this week, following the conclusion of the roadshow on Tuesday.
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Oman has picked five banks to run the books for a seven year dollar benchmark, following an investor call scheduled for Tuesday.
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İşbank has signed a $973m-equivalent syndicated loan as Turkish banks press on with a robust but pricey refinancing season, amid the country’s fiscal recovery.
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Türk Ekonomi Bankası (TEB) has signed a $530m-equivalent loan, as lenders predict Turkish banks to continue a strong refinancing season, despite the country's economic and political troubles.
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Saudi Arabia has found itself mired in controversy this week over the disappearance and alleged murder of Saudi journalist Jamal Khashoggi. The news has battered Saudi asset prices, but bankers said the market would likely still absorb bond issuance at the right level.
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The Turkish sovereign returned to international markets this week riding a wave of relief and renewed goodwill, following the release of US pastor Andrew Brunson, write Francesca Young and Lewis McLellan.
