Middle East
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The latest loan refinancings for Garanti and QNB Finansbank were trading at a higher level than previous newly issued Turkish bank loans this week, showing how concerns about the weakening lira have driven up pricing. Meanwhile smaller syndicates for Turkish bank loans will be the new normal, according to Garanti's head of financial institutions. -
EM bankers and investors were on Thursday underwhelmed by the Organisation of the Petroleum Exporting Countries' (OPEC) agreement to cut oil production for the first time in nearly eight years. But they said it was a positive that the price of Brent crude oil had seemingly found a floor.
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Garanti saw the syndicate for its latest one year loan shrink by five lenders. Other Turkish banks will have to take note as smaller lending groups are set to become a feature of their borrowing, according to the head of financial institutions at the bank.
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The Islamic Development Bank (IsDB) printed the first public dollar trade from the EMEA region since the November 8 US elections on Wednesday and managed to drive pricing inside its curve.
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Since Qatar National Bank completed its acquisition of Turkey’s Finansbank this year, the acquired bank has been able to hold pricing on its annual syndicated loan steady — but most of its country’s other banks are paying more for deals this year, as lenders’ dollar funding costs have risen and the threat of downgrades hangs over Turkey.
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National Bank of Abu Dhabi has completed syndication of its $2bn loan, which was oversubscribed, and will sign it within two weeks.
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The Islamic Development Bank is marketing a sukuk, the second Islamic bond in two weeks. The deal is expected to be priced on Wednesday.
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The most recent loan refinancings for Turkish banks Garanti and QNB Finansbank were seen trading at a higher level than previous newly issued Turkish bank loans, showing how concerns for the weakening lira has driven up pricing.
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Saudi Arabia’s International Co for Water and Power Projects (ACWA Power) is lining up the first corporate bond from the country since the sovereign’s $17.5bn debt sale in October. But ACWA’s “complicated” bond has left some investors perplexed and planning to sit out the trade. However, the bookrunners say there are decent anchor orders to support the book nonetheless, writes Virginia Furness.
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Etihad Airways on Wednesday printed its first standalone bond — a privately placed dollar sukuk — after a three day execution process, navigating difficult markets to raise $1.5bn.
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Emerging market bond prices have begun to stabilise following the recent rout. The brief spell of stability before Thursday's Thanksgiving holiday in the US will come as welcome relief to the three issuers in the market on Wednesday.
