Middle East

Kingdom of Bahrain drew orders of $15bn for its $3bn triple-tranche trade on Wednesday, having crushed the chunky new issue concession at price talk by as much as 50bp.

If there was any doubt that EM investors have plenty of cash to put to work, Turkey’s Coca-Cola Icecek (CCI) laid it to rest this week with a $500m deal that tightened 40bp from price talk and then rallied 20bp in the secondary market.

Saudi Arabia is reportedly planning to dilute its much touted National Transformation Program, a worrying sign for investors that confirms the doubts of observers who said the country’s Vision 2030 plan was too ambitious.

Turk Eximbank issued the first bond from a Turkish bank since June on Monday, in a deal with a slim new issue premium that set a strong tone for future issuance as books hit $2.1bn.

Coca-Cola Icecek is refreshing the buyside with the first Turkish corporate trade for 18 months. However, while the deal was “flying out of the door” according to one syndicate banker, the 25bp-30bp pick up over the Turkish sovereign is not quite enough to quench the thirst of some.

The goal of making the RMB a global commodities currency is not a job for those looking for quick successes. But recent moves from Russia and the Middle East have laid further bricks on the road to glory for China.

Dubai’s Department of Finance has taken out a $1.1bn syndicated loan to finance the expansion of the city's metro line, as part of its plan to host the World Expo 2020.

Turk Eximbank has opened books on a new five year senior note with price talk at a wider level than its seven year bond, leading one buy-side analyst to remark that initial price thoughts in EM are “irrelevant.”

Türk Ekonomi Bankası (TEB) signed a $623m syndicated loan on Thursday, according to a banker on the deal.

MPs are preparing to scrutinise the Financial Conduct Authority’s proposal to create a new premium listing category for sovereign-controlled companies, due to fears that it could weaken corporate governance standards of UK-listed companies.

Rating: Ba1/—/BB+

London’s emerging market bankers are growing increasingly concerned about whether the Qatari central bank will go ahead with encouraging the country’s lenders into international bond markets, as tensions between the country and its Gulf neighbours continue. Michael Turner reports.