Middle East
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With a dearth of supply in emerging market bonds this week, investors have been keenly awaiting the arrival of Iraq's first public bond for more than a decade.
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Pricing on Akbank’s one year loan refinancing 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. -
Not only is Iraq expected to have the sole attention of the market when it opens books for its new bond on Wednesday, but it will offer investors a rare chance to lock in government debt at a decent yield in a market more barren than the Atacama Desert. In short, bankers are expecting a blowout.
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Dana Gas on Monday shelved an exchange offer to investors in favour of litigation, which the company warns could take 10 years to resolve, after members of an ad hoc committee of bondholders repeatedly refused to engage with the issuer.
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United Biscuits, the maker of McVitie’s biscuits and Jacob's crackers, is to sign a £725m syndicated loan facility in the coming weeks to refinance a loan taken out in 2015 to fund its acquisition by Turkey’s Yıldız Holding.
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Turkey’s Coca-Cola İçecek (CCI) is set to offer investors a rare chance to buy Turkish corporate debt, and has announced its intention to raise up to $1bn from the bond markets within the next year.
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Bahrain Islamic bank (BisB) has launched a $50m murabaha syndicated facility, making its first entry into the loan market, according to bankers in the region.
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Turkey’s smaller financial institutions – Yapi Kredi Finansal Kiralama, the leasing arm of Yapi Kredi, and Alternatif Bank (Abank) – have come to the loan market with higher pricing than their bigger bank counterparts.
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The long wait for Iraq’s Eurobond return could end as early as next week after leads announced plans to start meeting investors on Friday.
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Odeabank took advantage of limited supply in the emerging market space to price a well-received Eurobond debut on Monday.
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Shares in Taptica International, the London-listed Israeli digital marketing solutions company, closed 5.4% lower on Wednesday after three investors sold a 16.9% stake for £39.5m, through an accelerated bookbuild on Tuesday night.
