Middle East
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Ratings agency Moody’s opined on the Middle East after market close on Friday, with the United Arab Emirates seeing a better outlook while Qatar’s creditworthiness took a hit. Qatar’s rating was cut from Aa2 to Aa3 with a stable outlook on the back of a weakening in the sovereign’s external debt to GDP levels and uncertainty around where growth will come from in the medium term.
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China’s FX market records Rmb11.38tr ($1.65tr) of transactions in April, the State Administration of Foreign Exchange releases more foreign investment quotas, and CFETS completes first options write-off in the interbank market. -
Kuwait National Petroleum Co is due to finalise documentation on its final loan facility for its 'clean fuels' project, bringing the total debt accumulated for the project to $7.2bn.
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Turkish legislation has been in place for years and six borrowers have set up covered bond programmes, but so far supply has proved fleeting. Nevertheless, delegates at the CEE Covered Bond Forum in London heard this week that the challenges that held the market back are likely to disappear soon.
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Malaysia Airports Holdings is looking to revise covenants on a €500m loan from 2015 taken for the acquisition of Istanbul Sabiha Gökçen (ISG) International Airport.
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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.
