Middle East
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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. -
Another one of Turkey’s smaller banks, Şekerbank, has signed a €77.5m loan with margins in line with its peers.
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Dubai’s state-owned energy group Emirates National Oil Co (Enoc) has secured a $500m revolving credit facility from a club of seven banks to fund its growth plans for Dubai's coming Expo 2020.
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Iraq made an impressive return to the capital markets on Wednesday with a perfectly timed trade that enabled the issuer to leverage off its recent military success in Mosul, support from the IMF and higher oil prices to borrow five year money below 7%.
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On Wednesday, the UK’s Institute of Directors, the organisation that represents company directors and business leaders, became the latest lobby group to voice its concern at the Financial Conduct Authority’s proposal to create a new premium listing category for sovereign-owned companies.
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Vakifbank has launched its second round of refinancing with its pricing 10bp lower than its $967m facility in April, mirroring Akbank’s new loan margins.
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Akbank has sold its first mortgage-backed covered bond. The deal, which will fund green projects, was privately placed with the European Investment Bank.
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Iraq had revised pricing to 7% area for its long awaited dollar bond on Wednesday after the low-7% starting point prompted debate among deal watchers.
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Türk Eximbank’s second entry into the syndicated loan market this year has been a success, with 23 banks signing for $640m on Tuesday — more than double the initial size when the deal was launched in June.
