Middle East

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.

Al Ahli Bank of Kuwait (ABK) is on track to become the fifth bank from the Gulf state to access the dollar market this year, while Ezdan pulls off a coup for lower rated names in the sukuk market.

Halkbank's planned Eurobond issuance is on hold after Mehmet Hakan Atilla, its deputy CEO, was detained following a roadshow in the US on charges of breaching sanctions against Iran, an investor relations person at the bank told GlobalCapital on Wednesday.

National Bank of Abu Dhabi (NBAD) priced the Gulf’s first ever green bond 7bp inside initial price thoughts on Monday.

National Bank of Abu Dhabi (NBAD) has emerged with pricing for the Gulf’s first green bond, more than six months after meeting investors to market the note.

Another Turkish refinancing is underway, with Ziraat Bank’s syndication due to close this week, according to a banker on the deal.

Strong fund inflows and narrowing new issue premiums brought another round of CEEMEA borrowers out of the woodwork this week as some investors sounded the alarm over market exuberance.