Middle East

Sok Marketler, the Turkish discount grocer, has set the range on its Istanbul IPO, valuing it at Tl6.9bn (1.7bn) to Tl8.3bn ($2.05bn).

NMC Health, the Abu Dhabi-based private hospitals company, had to revise the terms of its debut $450m convertible bond issue downwards on Monday after pushback from investors on the price.

Turkish real estate developer Ronesans Gayrimenkul Yatirim has released initial price guidance on its benchmark five year bond, which a rival syndicate has called wide but a lead said was the pick-up investors are demanding over Turkish international corporates.

Four Gulf borrowers have provided a mixed bag of deals this week. While Taqa and Noor sold solid new bonds, this week’s debut issuers did not fare so well. Omantel traded wildly on the break and unrated Qatari conglomerate Mannai fared worse of all, pulling its deal.

Turkish real estate developer Ronesans Gayrimenkul Yatirim is still assessing investor feedback and is yet to release initial price guidance, despite having told the market that it was looking to price its bond “as early as” Wednesday.

Jamal Al Kishi has been appointed chief country office for the United Arab Emirates and general manager of Deutsche Bank's Dubai (DIFC) branch.

Turkish real estate developer Ronesans Gayrimenkul Yatirim has set the tenor on its benchmark dollar bond at five years, and is expecting to print the note “as early as tomorrow”.

United Arab Emirates based Noor Bank has launched its five year Reg S sukuk at 165bp over mid-swaps, with order books over $1bn, including joint lead manager interest.

After the Qatari sovereign launched its $12bn triple tranche return to the bond market last week, Mannai Corporate, a conglomerate from the country, is following it into the market this week. Mannai is looking to print a senior perpetual non-call five Reg S only dollar bond. It will be the company’s debut in the bond market.

The Republic of Turkey nipped into the market on Monday afternoon to raise $2bn with an SEC registered bond, just days before presidential and parliamentary elections were called. While one EM investor called the issuing strategy unusual, a rival banker said it was a classic case of Turkish opportunism, adding that the higher yield paid is the reality of the market now.

Omantel has released price guidance for its long five and 10 year dual tranche bond at a level one EM trader in London is calling “real cheap” at 100bp over the Oman sovereign curve.

Abu Dhabi National Energy Company (Taqa) has opened books on a dual tranche deal, its first since 2016, which bankers say is an encouraging sign that markets are normalising after a choppy week driven by geopolitical risk.