Middle East
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HSBC has named a new head of DCM in Dubai, GlobalCapital understands. -
Turkish oil refiner Tupras has received approval from the Turkish Capital Markets Board to issue up to $1bn of external debt as the non-financial corporate pipeline builds in Turkey.
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African politics had the focus of EM bond investors on Wednesday morning with South Africa’s president Zuma surviving a no-confidence vote, and Kenya’s presidential vote looking like a victory for the incumbent, Uhuru Kenyatta. Africa has also provided this week’s only new issue, a $200m tap from the Gabon.
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The continued severance of diplomatic ties between Qatar and its neighbours is a growing risk to the country’s banks’ capital raising efforts, which have the heaviest reliance on overseas funding in the Gulf.
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The National Bank of Ras Al-Khaimah (Rakbank) launched its first syndicated loan on Tuesday for $250m with a three year tenor.
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Oman Qatar Insurance Co, the Omani subsidiary of the Qatar Insurance Co, is set to reopen the country’s sleepy IPO market with the first flotation on the Muscat Securities Market for more than two years.
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Israeli pharma company Teva’s bonds plunged further on Monday after “one acquisition too far” saw ratings downgrades combined with concerns that the company will breach its debt covenants, prompting investors to dump holdings.
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Pricing on Turkey’s major banks’ one year loan refinancings has dipped by 10bp as political turmoil in Turkey appears to have died down since president Recep Erdoğan won a referendum to consolidate power in April.
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Three of Turkey’s smaller financial institutions — Yapi Kredi Finansal Kiralama, the leasing arm of Yapi Kredi, Alternatif Bank (Abank) and Şekerbank — have come to the loan market with higher pricing than their bigger bank counterparts.
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Iraq roared back to bond markets this week with its first standalone bond deal in 11 years. The deal marked the end of a comeback after investors told the country "no" on a 2015 roadshow and capitalises on its recent military success in Mosul and a rebounding oil price, writes Virginia Furness.
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Another one of Turkey’s smaller banks, Şekerbank, has signed a €77.5m loan with margins in line with its peers.
