Middle East

Qatar National Bank (QNB) launched a $3bn loan on Monday, the first real test of the market since Qatar’s Gulf Cooperation Council (GCC) neighbours severed diplomatic ties with the sovereign. Nine banks have agreed to underwrite the full amount ahead of general syndication, showing initial fears have subsided. But the test is not over — will Qatar’s other relationship banks step up?

Two banks from the Gulf Corporation Council (GCC) have turned to Taiwan to raise dollar funding already this year, with Abu Dhabi Commercial Bank (ADCB) printing $540m and Qatar National Bank (QNB) printing $720m in Formosa trades.

Oman Gas Co, Oman’s midstream natural gas transportation company, is expected to sign a $1bn loan with a club of banks.

Abu Dhabi Energy Co (Taqa) has signed a $1.25bn loan with a small club as some banks were deterred by the deal’s tight pricing.

The Turkish sovereign has mandated three banks for its usual start of year dollar bond while Turkiye Sinai Kalkinma Bankasi released guidance for its note. But the latter drew criticism for going head to head with its sovereign.

Kuwait could become the latest Gulf Corporation Council sovereign to issue 30 year debt after its parliament approved a bill allowing the government to raise its borrowing ceiling to KD25bn ($83bn), and to issue international debt out to 30 years.

The equity block trades market in EMEA opened the week on Monday night with a TL496m ($132m) sale of stock in Mavi Jeans, the Turkish jeans maker that floated in Istanbul last year. The trade was covered inside an hour.

MLP Sağlık Hizmetler, also known as MLP Care, the largest private healthcare provider in Turkey, has begun investor education for its flotation on Borsa Istanbul, in which it hopes to raise about TL500m ($133m) of primary proceeds.

Two corporate issuers are making early moves into the capital markets this year without waiting for sovereign issuers to establish benchmarks, showing the strength of funding conditions in emerging market debt, said bankers.

Qatar National Bank has launched a $3bn loan with nine banks underwriting the facility.

Petkim Petrokimya Holdings, the largest petrochemical company in Turkey, has received approvals to issue an international bond of up to $500m.

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