Middle East

Turkey's Odeabank revised guidance to 7.75% area for its Basel III-compliant 10 year non-call five tier two bonds on Monday, as investors got to grips with a new credit, and anticipated return of compatriot and peer, Halkbank.

After selling a green mortgage-backed covered bond to the International Financial Corporation and the European Bank for Reconstruction and Development (EBRD), Garanti Bank expects to sell its first publicly syndicated euro benchmark.

Dominance in one of its operational markets enabled Topaz Marine to raise $375m of five year money on Wednesday despite coming from what the leads acknowledge to be a ‘tough sector.’

After selling $150m of green residential mortgage-backed covered bonds to the International Financial Corporation, Garanti Bank expects to sell another deal to the European Bank for Reconstruction and Development.

Topaz Marine was marketing the first Gulf Co-operation Council-domiciled (GCC) credit since May on Wednesday morning, but the credit is no barometer for appetite Gulf names in the wake of the Qatar crisis, said investors.

Three more Turkish banks have come to the market to refinance loans from 2016, marking the second wave of refi deals to come out of the region this year.

With a few weeks to go before asset managers begin their annual pilgrimage to the globe's beachfronts, the last few borrowers are slipping into the primary market before liquidity evaporates in the summer heat. Nostrum’s trade this week provided evidence of the slowdown in demand for risker credits.

Bahrain-based Bank ABC has hired veteran banker Patrick Tan to lead its Asia business in Singapore, according to an announcement on Wednesday.

Turkey’s Odeabank will meet investors from Wednesday ahead of a possible sale of tier two notes. If the deal goes ahead, it would be the second such deal from a second tier Turkish bank this year, after Fibabanka's debut in May.

The Financial Conduct Authority’s plan to create a new premium listing category in the UK for companies controlled by sovereign states is already dividing market opinion. The move, put out for consultation on Thursday, looks like a bid to lure to the IPO of Saudi Aramco, which could be the biggest flotation ever, to the London Stock Exchange.

‘Business as usual’ was the tone this week in emerging markets, after last week’s losses were reversed and mandates began trickling through from across CEEMEA.

Topaz Marine, an oil field support services provider based in Dubai, is meeting investors for what will be the first bond from a Gulf Co-operation Council domiciled issuer since the beginning of the Qatar crisis.