Middle East

Emirates NBD turned heads with a new five year note offering 140bp area over mid-swaps on Tuesday. Investors said they were glad to take the extra spread on offer thanks to regional political tensions.

Two banks are co-leading Türkiye Garanti Bankasi’s second loan of the year, which will be used to refinance a $1.2bn facility due to mature this month.

Türkiye Garanti Bankasi has launched its second loan of the year as it refinances a $1.2bn facility due to mature this month.

Saudi asset prices dropped on Monday after the arrest of senior officials on Saturday caught the market off guard, prompting a 2.2% fall in the Tadawul index and leaving investors nervously awaiting further developments.

Kuwait’s Burgan Bank is planning to refinance a $350m syndicated loan that is due to mature next month.

Oman electrical distribution company Mazoon managed to print a $500m 10 year sukuk inside its sovereign’s curve on Wednesday as investors pounced on rare corporate JP Morgan Emerging Market Bond Index (EMBI) eligible paper from the Middle East.

The $1.5bn IPO of Emaar Development, the property development unit of Emaar Properties, was covered less than one working day into the bookbuild this week, according to a banker involved.

Books for Credit Europe Bank’s $150m tier two bond were at $375m on Thursday afternoon as the bank set the launch price for the deal at 7.25% yield.

Books for Credit Europe Bank’s $150m tier two bond are at $375m as the bank sets the launch price for the deal at 7.25% yield.

Oman electrical distribution company Mazoon printed its $500m 10 year sukuk at the tight end of price guidance on Wednesday, with books hitting over $5bn for the note.

Saudi Electricity Co’s $1.75bn loan has been successfully sold down to four other banks.

Turkish biscuit maker Ülker has launched its second syndicated loan of the year for $350m, having been the first Turkish company to come to the market this year, in April.