Middle East
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On Wednesday night, the vibrant trading in the equity blocks market continued with several large deals from Turkey and the UK.
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Not only is the CEEMEA bond market red hot and smashing through issuance records, there were also signs this week of its developing maturity, writes Virginia Furness.
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Oman made its public market sukuk debt on Tuesday to raise $2bn with a well-supported trade. While bankers on the deal argued that Oman achieved a “sukuk discount”, others said the deal came flat to its conventional curve.
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Strong support from regional investors helped Bahrain’s Al Baraka Banking Group achieve substantial price tightening for the first ever bond issue from a non-investment grade Gulf bank on Tuesday.
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Oman made its public market sukuk debt on Tuesday to raise $2bn with a well supported trade. While bankers on the deal argued that Oman achieved a “sukuk discount,” others said the deal came flat to its conventional curve.
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Emerging Market Bond House of the Year
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A $2bn tap from Oman on Tuesday has pushed the CEEMEA bond market into record territory. Bond issuance stands at $100.2bn, surpassing 2013's record of $99.7bn over the same period.
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Vakifbank took advantage of seemingly insatiable demand for Turkish bank paper to raise $500m of five year senior funding on Tuesday.
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Oman’s debut sukuk was storming to success by lunchtime on Monday with books for the seven year note hitting $5.2bn.
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Vakifbank has opened books on a drive-by five year senior trade as Turkish financial supply trickles into the primary market.