Middle East

Lebanon's sovereign Eurobonds recovered some 60bp–120bp during the week ending Thursday, including a 25bp tightening on Wednesday morning, after prime minister Saad al-Hariri returned to the country in an apparent reversal of his recent resignation.

Investors in emerging market bonds were in a celebratory mood this week as the asset class rallied back following losses last week.

Ülker has signed a $450m loan with 15 banks. It is the second time this year the Turkish biscuit maker has come to the market, with both loans oversubscribed despite political instability in its home country.

Turkish financial institutions Garanti Bankasi and Finansbank are expected to sign their refinancing loans this week, according to bankers looking at the deals.

Citi has combined its Middle East and Africa (ex-South Africa) investment banking divisions and named a head for the new entity.

Abu Dhabi National Oil Co has signed its $6bn debut syndicated loan facility with 13 banks. The deal was well received by banks, driving down pricing to new lows.

Akbank AG, the Turkish bank’s German subsidiary, has made its comeback to the loan market after a three year absence, for a €173.5m syndicated loan.

Emaar Development, the real estate development unit of Emaar Properties, has priced its Dh4.8bn ($1.4bn) IPO below the mid-point of the initial range, valuing the business at Dh24.1bn ($6.6bn).

Qatar is preparing a non-deal roadshow at the start of December, according to two sources with knowledge of the state’s plans, with a $9bn bond in the offing.

Standard Chartered Bank has hired a DCM banker from Commerzbank to cover Turkish clients.

Bankers working on the IPO of Emaar Development, the real estate development subsidiary of Emaar Properties, have revised the price range to Dh6.03-Dh6.90, from the initial Dh5.70-Dh6.90 range.

Abu Dhabi National Oil Co, the oil company owned by the emirate, has announced plans to float its chain of petrol stations in the United Arab Emirates, in what could be a highly significant deal for the region.