Middle East

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State owned Turk Eximbank attracted 22 banks to its €421m refinancing deal, according to a banker on the deal.

Gulf Cooperation Council governments are expected to raise $32.5bn in international sovereign bonds this year, down from the record $38.9bn last year, said Moody’s in a report on Tuesday.

Akbank’s more generous pricing seems to have paid off with banks lining up to refinance its syndicated loan.

This week saw the entry of Kuwait into the capital markets. The sovereign’s long awaited debut received orders of $29bn at peak, proving that demand for the region is as strong as ever. Now Argentina is looking to print a rare Swiss franc deal.

Dubai shopping centre builder Majid Al Futtaim (MAF) has closed a revolving credit facility in a club deal with relationship banks.

Kuwait nipped in on Monday ahead of the Fed decision this week to raise $8bn with its debut bond, establishing a liquid benchmark at the five and 10 year parts of the curve. While the emphatic statement the deal made was not in question, there was debate about the bonds’ relative value against other Gulf sovereigns.

Etisalat Nigeria will meet with 13 local lenders this week to discuss its restructuring plans for a $1.2bn loan taken out in 2013, according to the Nigerian Communications Commission (NCC).

Attractive pricing helped Kuwait build a huge order book on Monday morning for its debut bond as bankers debated where pricing should land for the sovereign.

The Lebanese Republic has mandated four banks to tap into the long end of the bond market with a multi-tranche dollar deal, ahead of what bankers expect will be another busy start to the week ahead of Wednesday’s Federal Open Market Committee meeting.

Bank Muscat has successfully completed its $525m syndicated loan refinancing, adding to Oman’s accumulating loan book.

Akbank navigated a tricky market on Wednesday to print a $500m no-grow tier two and managed to charm a higher proportion of US investors than previously seen in any Turkish capital bond, according to a banker on the deal.