Middle East

Emerging markets bond bankers can think of nothing to derail the ongoing bull-run and while this might point to hubris, this week’s trades have given no indication of fatigue.

Oman's loan borrowing splurge has ramped up a notch with the country's ministry of finance seeking a large loan, with Chinese banks as central participants.

Orders of over $2.2bn had enabled Turkey’s Garanti bank to crush the yield on its debut tier two as it looks on course to print with the lowest ever coupon for a new style Turkish tier two bond.

Gulf banks brought much needed variety to the sukuk market this week with single-A rated Qatar Islamic and double-B rated Albaraka Banking Group offering debt at both ends of the rating and capital spectra.

Turkey’s largest private sector bank, Turkiye Is Bankasi (Isbank), signed a $1.3bn syndicated loan on Monday, bringing the first round of Turkish bank loan refinancings this year to an end.

Dubai Airports has signed a $3bn syndicated loan to finance the expansion of its Dubai International Airport and Dubai World Central Airport, also known as Al Maktoum International Airport, in Jebel Ali, in preparation for the World Expo 2020.

Turkey’s Garanti Bank is expected to capitalise on the strong rally in emerging market credit to print its debut Basel III-compliant tier two capital bond this week, and bankers are wondering how much of the recent market tightening will be seen in the price.

Global Ports Holding, the Turkish company that owns 15 ports in the Mediterranean and further afield, has priced its London IPO just above the bottom of the range, achieving a £465m market capitalisation. The shares are trading up about 1.75%.

Turkey’s largest private sector bank, Türkiye İş Bankası, is due to sign a syndicated loan on Monday, which rounds up the last of Turkey’s larger financial institutions’ refinancings this spring, according to a banker on the deal.

Turkey’s QNB Finansbank set final terms on a $750m five year bond on Thursday, leaning on the ownership of Aa3/A+/AA- rated Qatar National Bank to print inside where analysts saw fair value — despite some investors objecting.

Turkey’s QNB Finansbank has released initial price thoughts for a five year dollar trade, as investors grappled with how to price in Aa3-rated Qatar National Bank's ownership of the Turkish borrower.

Oman Electricity Transmission Company seems to have timed it right for a $500m 10 year trade just days before a likely sovereign downgrade, with the issuer managing to price its deal well inside where analysts spotted fair value.