Middle East

Japanese banks have a spring in their step in the Middle East as they roll out expansion plans, but, asks David Rothnie, can they take on more established Western rivals?

Emaar Properties’ real estate development unit Emaar Development is expected to launch a loan soon to fund a development project in Dubai, according to a source close to the deal.

Dubai Islamic Bank, the largest Islamic bank in the UAE by total asset size, has mandated eight banks for a five year senior dollar sukuk. The deal could be the first bank bond from the Gulf Cooperation Council so far this year.

Turkey’s Vakifbank was able to increase the size of its deal on Tuesday to $650m after strong demand propelled the book to over $1.7bn, as funding costs return to levels seen before the fourth quarter of 2017.

Emerging markets are coming to the fore in equity capital markets this year, fulfilling predictions of a good year for ECM issuance from more challenging markets.

Turkey’s largest hospital group, MLP Sağlık Hizmetleri, also known as MLP Care, set the terms of its IPO on Monday and expects to price it next month.

Martin Weber, a Goldman Sachs managing director, is moving to Dubai to run the bank’s MENA financing group.

Saudi Arabia has requested proposals to refinance its $10bn syndicated loan, signed in 2016. It has also asked for ideas for a dollar bond issue and a possible export credit agency-backed financing, as part of a new financing plan.

Vakifbank opened books on Tuesday on the third senior 2023 from a Turkish financial institution this year and was expected to guide investors towards a sub-6% print.

Petkim Petrokimya Holding brought the first high yield corporate trade from Turkey since 2014 last Friday, raising $500m with a sub-6% coupon.

Saudi Electricity Co (SEC) has signed its biggest ever syndicated loan, for $2.6bn, with a club of eight banks, after tapping the same banks for $1.75bn last year. The loan is an unsecured one year bridge facility.

Turkish petrochemical manufacturer and debut issuer Petkim Petrokimya Holding was marketing a five year bond at what one rival banker called a “punchy” starting point on Friday.