Middle East

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.

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.

Turkey’s Garanti Bank has wrapped up its springtime loan refinancing, raising $1.4bn-equivalent and continuing the pricing trend seen among peers in recent weeks.

The Islamic Development Bank has set the roadshow schedule for its euro benchmark.

HSBC has opened a China desk in Israel to capture the growing trade and investment flows between the two countries.

Islamic lenders are missing out on a deal surge across the Middle East, with none of the swathe of loans nearing markets having been structured as Shariah-compliant, according to lenders.

Bahrain’s Oil and Gas Holding Company (Nogaholding), which is 100% state owned, is looking for seven year funding.

Lebanon’s Blombank on Friday issued $300m of debt but the deal was most likely locally placed, according to international investors, who did not get involved because it offered no spread over Lebanon’s sovereign curve.

Turk Eximbank raised $500m with its new six year bond on Thursday. While one banker on the deal said there was some buyside reticence to get involved with Turkish risk, meaning that a higher new issue premium was required, another claimed the premium paid was in line with the rest of the market.

Turk Eximbank on Thursday* opened books on a new six year bond following the Central Bank of Turkey’s decision to hike rates by 75bp the day before.

Turkey’s Vakifbank has signed a dual tranche loan totalling $1.3bn-equivalent, in line with its domestic rivals, despite Moody’s taking the axe to the bank’s ratings last month.

Turkish participation bank Albaraka Turk added around $100m to its murabaha loan during syndication after signing the final deal at $318m-equivalent.