Middle East
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Saudi Arabia’s bond debt was the best performing sovereign in its index last week, despite the country's government admitting that a journalist was killed in its Turkish consulate. -
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Middle Eastern borrowers are returning to the market in droves, picking up where they left off in September and making up for an underwhelming start to October.
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Türk Ekonomi Bankası (TEB) and İşbank followed Akbank with successful loan refinancings, as Turkish banks pressed on with a robust but pricey refi season, amid the country’s economic and political difficulties.
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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.
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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.
