Middle East
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New issuance from the Middle East has soared since the end of August and now banker and investor attention is turning to how much more is to come from the region and how much capacity the market has to absorb it, especially with a sharp rise in US Treasury yields this week. -
Trade Bank of Iraq (TBI) has signed a €100m financing loan framework with Commerzbank, with the money earmarked for projects connected to rebuilding Iraq.
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The Commercial Bank of Qatar raised Sfr100m ($100.9m) of September 2024 bonds on Wednesday evening, seven months after it debuted in the Swiss franc bond market.
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Turkish and Argentine assets have been battered over the past few months, but one investor believes that both countries can provide good value and is expanding its exposure.
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Petrochemicals company Saudi Basic Industries Corporation (Sabic) and Qatari bank Al Khalij Commercial Bank printed bonds on Tuesday with no sign of investors wearying of Middle Eastern supply despite $12.5bn having been sold from the region since the start of September.
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Cepsa, the Spanish multinational oil and gas firm, will be worth up to €8.08bn when it lists on the Spanish Stock Exchanges later this month, according to terms released on Tuesday.
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Al Khalij Commercial Bank (AKCB) raised $500m of five year Reg S paper on Tuesday, receiving strong demand and tightening the spread by 20bp from price thoughts.
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Petrochemicals company Saudi Basic Industries Corporation (Sabic) is in the market on Tuesday with a dual tranche dollar deal.
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Jefferies' drive to build its EMEA emerging markets business took another step forward this week, with the hiring of two research analysts, supporting a trading business that's been put together over the past two years. The US bank is rumoured to have its eyes on the primary markets next.
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Turkey’s manufacturing PMI dropped steeply in September, joining the cavalcade of evidence pointing to the country being in recession. But government support of banks is reflected in their dollar debt and diplomatic relations with the rest of the world appear to be improving.
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Vakifbank has sold the first ever domestically placed AT1, raising TL5bn ($828.5m) with a perpetual non call five year private placement. An investor away from the deal said it was bought by a single, government linked investor.
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