Middle East
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Isbank raised $500m with the 10th deal from a Turkish financial this year with a tidy though somewhat lacklustre trade. While EM bankers suggested it was evidence of some Turkish bank fatigue among investors, the leads said the trade was symptomatic of the weaker market backdrop. -
Isbank opened books on Thursday for the 10th deal from a Turkish financial this year, offering a higher than usual new issue premium in the process to account for softer market conditions. While the deal is expected to be well absorbed, for some on the buyside, the risks of an Isbank tier two are too much.
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GarantiBank International (GBI), a Dutch subsidiary of Turkiye Garanti Bankasi, has signed a $250m loan that was oversubscribed by 19 banks, according to a banker on the deal.
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Etisalat has been given until Friday to transfer all its shares in Etisalat Nigeria to a syndicate of 13 Nigerian banks, after talks on restructuring a $1.2bn loan from 2013 fell through.
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Arabtec Holding, the United Arab Emirates’ largest listed construction firm, said on Tuesday its rights issue was fully subscribed, raising Dh1.5bn ($408m) for a recapitalisation.
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Turkey’s Isbank has hired banks to arrange an 11 year non-call six Basel III compliant tier two trade, continuing a spate of riskier debt issuance from Turkey’s banks this year.
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Etisalat Nigeria is in the “advanced stage” of its negotiations with 13 local banks over the restructuring of a $1.2bn loan taken out in 2013, according to the company.
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Shares in Mavi Jeans, the Turkish maker of designer denim wear, closed 3.5% higher following its stock market debut on Thursday, after the company priced its TL744.4m ($211m) IPO at the bottom of its price range on Monday.
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VIP Turkey Enerji, a subsidiary of oil and commodity company Vitol, has signed a $700m syndicated loan with 14 banks to finance the acquisition of Petrol Ofisi, Turkey’s largest oil distribution company.
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Ramadan, the Islamic holy month of fasting which began on May 26, has caused delays to loan deals that were expected to close this week in the Middle East, according to bankers in the region.
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Yapi Kredi raised $500m with a seven year senior bond on Wednesday, bringing the total of Turkish bank issuance so far this year to $5.3bn.
