Middle East

Abu Dhabi’s national energy company Taqa is looking to issue a new bond to refinance $500m of debt due in October.

Jordan has sent out a request for proposals for conventional and Islamic financing, adding to a building pipeline of Middle Eastern sovereigns.

Jordan has sent out a request for proposals for conventional and Islamic financing, according to sources.

HSBC has restructured its global banking Middle East, North Africa and Turkey arm under Matthew Wallace, head of global banking MENAT, according to an internal memo seen by GlobalCapital.

First Abu Dhabi Bank’s head of loan distribution Steve Perry has left the bank, five months after he joined the capital markets team as part of First Gulf Bank and National Abu Dhabi Bank’s merger.

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.

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.

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.

The National Bank of Ras Al-Khaimah (Rakbank) launched its first syndicated loan on Tuesday for $250m with a three year tenor.

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.

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.