Middle East

New deals from the Middle East are beginning to flow. Saudi Arabia's International Company for Water and Power Projects (ACWA Power) opened books on a conventional amortising note on Tuesday, as Saudi Electricity Co (Seco) and Oman Electricity Transmission line up sukuk trades.

Yapi ve Kredi Bankasi said it plans to press ahead with its debut euro covered bond, and after getting regulatory approval Turkiye Is Bankasi (Isbank) has had its programme rated by Moody’s.

As many look on in horror at Turkey’s slide towards autocracy, investors are showing few qualms by piling into the country’s debt. State-owned Ziraat Bank was able to cut through political noise to print with no new issue premium this week. But lower rated banks are lining up to test just how far this demand extends down the ratings scale.

Turkiye Is Bankasi (Isbank) has had its mortgage covered bond programme signed off with the Turkish regulator and this week had the programme rated by Moody’s.

Jordan doubled the size of its January 2026s on Wednesday with a well-received $500m reopening.

Turkey’s Ziraat Bank cut through questions about its ownership within Turkey's new sovereign wealth fund to print $600m at no extra cost on Tuesday.

Jordan is on track to add to its dollar-denominated January 2026s after releasing initial price thoughts for a tap on Wednesday morning.

Yapi ve Kredi Bankasi looks set to take advantage of the bullish mood that has followed Turkey’s recent referendum and plans to issue its debut euro covered bond and what will be the second ever mortgage covered bond from Turkey.

Three banks have joined the syndication of a loan to Oman's Bank Sohar of $250m, which Bank ABC has been mandated to co-ordinate.

Vakifbank has received a $967m loan from 37 banks, marking yet another oversubscribed Turkish syndication following a period of heightened political uncertainty after a constitutional referendum.

Turkey’s Ziraat Bank was quick to take advantage of the recent rally in Turkish credit, opening books on a five year bond at 5.5% on Tuesday morning.

Turkish privately owned bank Fibabanka well test demand for riskier Turkish debt following the country's constitutional referendum on April 16, and has named two for its debut public transaction, a tier two Basel III deal of up to $300m.