Middle East

Saudi Arabian water company ACWA has resurrected its debut deal, thanks to improved market conditions after the trade, which was first announced in November, was delayed. The return of the deal sees Citi bumped up to join Jefferies on the top line.

Evercore plans to open a Dubai office early in the second quarter of this year, following its hire of Waleed El-Amir, former group funding head at UniCredit, as senior adviser for the Middle East, Africa and Turkey.

Turkey’s debt markets always seem resilient to political shocks. But rose tinted views of president Recep Erdogan’s referendum victory this week ignore a worrying truth that its vast growth potential lies more than ever in the hands of one man able to squander it.

Turkey’s Isbank cut through post-referendum uncertainties to raise up to $750m with a seven year senior note on Thursday.

Jefferies is building out its CEEMEA trading operations, and eventually plans to add primary markets, derivatives and local currency trading to a revitalised business.

Bank ABC has successfully closed a $213m syndicated loan to Albaraka Türk Bank and launched another two new deals on Wednesday.

Turkey’s Isbank cut through post-referendum uncertainties on Thursday to bring a new senior bond but offered plenty of juice to get things started.

Global Yatırım Holdings, the Turkish investment group, has hired Barclays, Citigroup and Goldman Sachs to lead the $250m IPO of Global Ports Holding, the largest operator of cruise ports in the world, on the London Stock Exchange.

Theresa May stunned the UK on Tuesday by calling a snap general election, but equity capital markets remain calm and the next wave of IPOs is becoming more visible, with two more new deals announced this week.

Aluminium Bahrain (Alba) has secured commitments for a $700m export credit facility to finance its Line 6 expansion project.

Turkish bond prices were unmoved after the country's president, Recep Erdogan, scraped a narrow victory in Sunday’s constitutional referendum.

Turkish food manufacturer Ülker has closed a $375m loan from 12 banks, marking the first corporate deal since the attempted military coup last year.