Middle East
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Equate Petrochemical Company will meet investors next week ahead of a potential sukuk market debut.
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Turkey found itself firmly in junk territory on Friday after it lost its last investment grade rating from Fitch, but the issuer’s CDS has tightened in response and as Turkey’s blowout trade on January 18 attests, it always has the capability to fund. -
Rating downgrades on Friday for Turkey sovereign debt have not dented the appetite of the country’s banks to borrow, with two firms said to be joining Akbank in pursuing loans.
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Bank of Sharjah on Monday named four banks for a new senior dollar offering after Standard & Poor’s slapped the Emirate with a two notch downgrade on Friday.
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Akbank plans to launch the first of its semi-annual one year refinancings early next week in the loan market’s first chance this year to gauge appetite for Turkish risk, but there is already a clear indication already that longer tenors will be challenging.
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Dubai’s sovereign wealth fund defied doubters on Wednesday with the successful launch of a $1bn 10 year sukuk at tight pricing levels.
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The Investment Corporation of Dubai (ICD) is on course to become the first borrower to issue in sukuk format this year after emerging with pricing for a 10 year dollar note.
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Akbank is set to provide the loan market’s first gauge this year of appetite for Turkish risk, with the bank said to have opened talks with lenders about the first of its two annual refinancings.
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Saudi Basic Industries Corp (Sabic) has reopened discussions with banks for a loan of as much as $2bn, having put funding plans on hold last year.
