Middle East

Turkish bank refinancing activity has ramped up, with Ziraat Bank signing its $1bn syndicated loan on Monday after Yapi Kredi sent out a request for proposals (RFP) at the end of last week.

ADES International, the Dubai oil and gas drilling services company, is preparing an IPO on the London Stock Exchange to raise capital.

Saudi real estate company Dar Al-Arkan and Dubai property developer Damac look set to add much needed supply to the sukuk market and are lining up trades in the belly of the curve.

The International Swaps and Derivatives Association and the International Islamic Financial Market have published a new credit support deed for Islamic hedging transactions, in response to new variation margin requirements.

Turkey’s six year sovereign sukuk was priced flat to its conventional curve for the first time following the asset class’s inclusion in the JP Morgan indices, even as the country’s president Recep Tayyip Erdoğan’s bid to consolidate power is an increasingly dominant talking point.

The International Swaps and Derivatives Association (ISDA) and the International Islamic Financial Market (IIFM) have published a new credit support deed for Islamic hedging transactions in response to new variation margin requirements.

The first ever green bond from a Gulf issuer met with what could best be described as moderate interest from the market on Monday, with even bankers on the deal admitting that the execution window was far from ideal.

Halkbank has hit back against claims of any wrongdoing following the arrest of its deputy CEO Mehmet Hakan Atilla, while on an investor roadshow on Monday. The bank denies any involvement in breach of US sanctions but its planned tier two bond remains on hold as the market awaits further clarity, writes Virginia Furness.

Turkey’s six year sovereign sukuk is expected to be priced flat, or even inside, its conventional curve for the first time following the asset class's inclusion in the JP Morgan indices, even as the country's president Recep Tayyip Erdoğan’s bid to consolidate power grabs the headlines.

Qatari residential property developer Ezdan managed to recover its credibility as a sukuk issuer on Wednesday, printing a $500m 2022 at a reasonable spread, after what one EM syndicate banker referred to as its “shambles” of a debut in May.

Mimi Cheng, chief representative of First Gulf Bank in Hong Kong, has left the firm less than a year after taking over the position.

Ülker, a Turkish food manufacturer, has sent out a request for proposals for a $200m syndicated loan, making it the first corporate borrower from the country to enter the market this year, according to a banker on the deal.