Middle East
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The global pressure on emerging markets, triggered by a multitude of factors but most obviously a rapidly strengthening dollar, has been felt across the asset class. The most notable casualty in equities has been Turkey, which at the beginning of 2018 was expected to produce a bumper crop of IPOs this year. -
The last two weeks have been the toughest in recent memory for emerging market bond investors who have seen their assets in local currencies and dollars alike take a hammering amid the collapse in the Argentine peso and Turkish lira.
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JP Morgan's launch of an environmentally and socially conscious version of its EMBI index is well timed, as fund managers realise that dodgy morals can lead to shabby financial statements.
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Lenders to Vakifbank’s Turkish Islamic finance subsidiary got a 90bp reward for financing the smaller specialist financial institution over its parent company, according to bankers close to the transaction.
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A senior and long serving emerging markets DCM banker at JP Morgan has quit the bank.
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US President Donald Trump’s decision to reimpose sanctions on Iran has sent Turkey’s bonds, already under pressure from a weakening currency, flying wider.
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Commercial Bank of Qatar has become the first Qatari bank to mandate for a bond following the successful sovereign return in April, and much is riding on its success.
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The strengthening dollar is wreaking havoc for emerging market bond investors as assets in local currencies and dollars alike take a hammering.
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The IPOs of two Turkish retailers, Beymen and DeFacto, were cancelled at the end of last week, after failing to attract enough demand to cover the shares on offer. A third IPO, Şok Marketler, was extended to Wednesday May 9. All three were seeking to list in Istanbul.
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After four years away from the high yield market, UK North Sea operator Ithaca Energy was back with a bond refinancing deal this week, as European oil and gas issuance runs well ahead of last year’s pace.
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Investors are hedging and betting on oil prices as markets remain unsure about whether or not US President Donald Trump will pull out of the Iran nuclear deal.
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Shares in Vivo Energy, the African fuel distributor, rose more than 3% on its first day of trading on the London Stock Exchange on Friday, after its £558m IPO attracted substantial demand.
