Middle East
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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. -
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.
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EM investors have had plenty to play for this week with a boost to Turkish GDP buoying support for Yapi Kredi, and more Russian supply. Qatar remains one to watch however, though the country’s fundamentals have not changed.
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Yapi Kredi hit screens on Wednesday with a new seven year note and will be hoping to capitalise on more positive economic indicators from Turkey, while offering some juice to overcome any investor fatigue around buying Turkish bank debt, according to a buy-side analyst.
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As concerns mount over the diplomatic stand-off between six Gulf states and Qatar, GlobalCapital investigated the immediate impact on the loan market in the region as well as its likely consequences and discovered a mixed picture.
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Diplomatic tension in the Gulf between Qatar and Saudi Arabia and others has rattled the financial markets. But as the political trouble escalates, what that spells for the region’s capital markets is far from clear, write Bianca Boorer, Virgina Furness and Sharon Kimathi.
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Bank ABC as sole initial mandated lead arranger has completed a $125m syndicated loan for Bahrain Commercial Facilities Company.
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Turkey took €2.5bn of orders for its new euro trade on Wednesday, which bankers said was a strong showing despite the fact that market volatility and Turkey’s involvement in the Qatar crisis meant that the issuer did not print at the tight end of guidance.
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Oman's plans for loan market financing this year are taking shape, with the sultanate lining up an 'orderly queue" of deals, according to a banker involved in several of them.
