Middle East

Sometimes, investors get hit by political events that come out of nowhere. Other times, they walk straight into an oncoming freight train, even though it's blowing its horn at top volume.

Turkish president Recep Tayyip Erdoğan sent the country’s sovereign bond yields flying this week as he vowed to take more responsibility for monetary policy if he wins next month’s elections. His comments prompted another sharp dive in the value of the Turkish lira — felt strongly by the country’s dollar debt issuers — as investors feared that even if the central bank does hike rates to defend the currency, the measure could be soon reversed. Francesca Young and Mike Turner report.

Jeffrey Elkhoury, a CEEMEA DCM banker, has moved to Dubai to as part of Société Générale’s plan to grow in the Middle East.

Two Qatari banks raised new debt in different formats on Thursday, proving that Qatari banks have a multitude of funding options available to them.

Turkey’s Isbank has signed a $1.48bn-equivalent syndicated loan in line with the existing pricing benchmark for its compatriot peers, again showing that rating downgrades have little effect on loan borrowing rates for the country’s banking sector.

Morocco has landed a €200m loan from the African Development Bank that will go towards the country’s agriculture industry, a sector that Standard & Poor’s recently said was part of the reason the sovereign’s credit rating remains “constrained”.

First Abu Dhabi Bank hit the Taiwanese market for a Rmb1.1bn ($172.69m) bond on Wednesday, just two months after its last Formosa deal.

Equity and bond investors hoping for the Turkish central bank to step in and cool its overheating economy will be dismayed by President Erdogan’s pledge to influence its decisions. But they should not be surprised.

Loans bankers are keeping their cool over Turkey’s sharply deteriorating lending conditions, though borrowers in the country with a majority lira revenue and hard currency exposure have been warned that tough times are head.

Turkish discount grocer Şok Marketler got its IPO over the finish line at the top of its revised price range.

Israel Chemicals, a leading global specialty minerals and chemicals company, has named leads for a rare long dollar deal, combined with a tender offer.

The Singapore and Israel bourses have signed a pact aimed at spurring dual listings of technology and healthcare companies.