Middle East

A string of call dates is approaching for Middle East perpetual tier one bonds and DCM bankers are starting to look at whether these will be refinanced — and if so, how.

Abu Dhabi Islamic Bank (ADIB) and Al Hilal Bank (AHB) were this week roadshowing the first public dollar sukuk since April and the first public bank deals from the Gulf states since March.

Al Hilal Bank hit screens on Thursday to announce a roadshow for a new five year Sukuk syndication — the first in the market in five months, according to Dealogic.

Abu Dhabi Islamic Bank is roadshowing a dollar benchmark Reg S additional tier one sukuk as the call date for its outstanding tier one approaches in October.

First Abu Dhabi Bank (FADB) appeared in the Swiss franc market on Thursday, selling five year bonds in an arbitrage driven transaction.

Kuwait’s Zain Group has signed a $700m five year revolving credit facility, with all lenders scaled back by the telecoms company following an oversubscription.

Emerging market borrowers and investors are returning from the summer break slowly but surely this week, but caution is still the prevailing tone.

It has been a dreadful August in emerging markets, but borrowers still have cash to raise and, despite the violent swings in secondary market levels, investors will have cash to put to work when the UK bank holiday has passed.

Lenders working on Turkish bank syndicated loans say deals are still going ahead, and any suggestion that the country’s woes have postponed the active deals are just rumours.

The postponement of the Saudi Aramco's IPO is just the latest blow to emerging market (EM) equities. Volatility is biting ever harder, taking lumps out of an ever dwindling autumn pipeline. Sam Kerr reports.

Panic has gripped Turkey's markets, sending investors scuttling. Luckily, the loan market has proved once again that it is capable of providing much needed cool heads amid the sea of red on screens this summer.

It’s been a turbulent summer in emerging markets, but borrowers in the Middle East in particular are already eyeing their return to the market.