Middle East
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Turkey's QNB Finansbank hit the road for a one day marketing exercise on Wednesday to sell a new senior dollar benchmark sized bond, for which leads are likely to open books on Thursday. -
The emerging market bond pipeline remained strong this week with Turkish lender Finansbank the latest CEEMEA name to join the fray, after the borrower announced a one day roadshow for Wednesday. Meanwhile, Latin American borrowers are beginning to encounter some investor push-back.
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Oman Electricity Transmission Company timed it right for a $500m 10 year trade on Tuesday just days before a likely sovereign downgrade, with the issuer managing to price its deal well inside where analysts spotted fair value.
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Turkey’s Garanti Bank this week signed a $1.35bn loan from 38 banks, in what could be one of the last financial institution deals to come from the region in the spring funding round.
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Turkey’s bank loan refinancings are still in full swing, with Yapı Kredi having signed a deal for $1.36bn and Garanti Bankası mandating 19 banks.
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The Republic of Turkey has launched its largest 30 year bond since 2010, as investors shrugged off the recent constitutional referendum and dived in to catch the sharp rally in the country's spreads.
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New deals from the Middle East and Africa are beginning to flow as EM’s hot run gathers momentum. In the Gulf Cooperation Council, Saudi Electricity Co (Seco) and Oman Electricity Transmission are exploring dollar opportunities as Abu Dhabi Commercial Bank plots a comeback. Further south and west, Senegal has picked leads for a dollar comeback as the market awaits the results of Ivory Coast’s RFP.
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Saudi Arabia’s ACWA Power priced its long awaited debut bond on Wednesday, raising $814m with the secured note. Months of work spent structuring the deal and educating investors were rewarded, with the borrower achieving a combination of size and price it would not have managed with a plain vanilla bond, said a lead banker.
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Oman Oil is set to bring a raft of financings to the syndicated loan market, and has begun by seeking to refinance the $1bn tranche from a $1.85bn loan it took out in 2014.
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Bahrain’s Arab Banking Corporation decided to repay its $750m loan ahead of its maturity due to an increase in its liquidity, allowing it to avoid further interest payments.
