Middle East
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Typically an early mover in the race to fund, Turkey raised $2bn on Wednesday with an SEC-registered note maturing March 2027, a third of the total $6bn it plans to raise this year. But the sovereign has plenty of hurdles ahead, writes Virginia Furness. -
Naeem Shares & Bonds (NSB) brokerage has become the seventh member of Nasdaq Dubai’s equity futures platform.
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The Republic of Turkey has surprised market participants by opening books on a 10 year dollar benchmark — but the 40bp-45bp new issue premium at the starting point hints at the elevated price investors will be demanding for Turkish risk.
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Gulf International Bank launched a $500m five year inside fair value on Wednesday, suggesting that demand for Middle East credits continues unabated after a busy 2016.
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If “keeping one’s cards close to one’s chest” in negotiations while also acknowledging the need for market certainty seems like a peculiarly Brexit paradox, try managing the funding plans of a Gulf state as it tries to deal with a budget deficit.
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Dubai’s sovereign wealth fund looks set to reopen the dollar sukuk market next week following the announcement of a five day roadshow covering Asia, the Middle East and Europe.
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Türkiye Vakıflar Bankası (Vakibank) is asking investors exchange its old style tier two bonds for new Basel III compliant notes, making it the second Turkish bank in as many weeks to turn to liability management to boost its capital.
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Industrial and Commercial Bank of China has bolstered its loan syndication and sales effort in London with a hire as the bank looks to establish a stronger foothold in the Europe, Middle East and Africa market.
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The Gulf Cooperation Council (GCC) region looks set to provide a hotbed of loans market activity in the first half of 2017, with bankers sizing up a strong pipeline out of Oman as the sultanate looks to address a budget deficit.
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Israel reopened the CEEMEA bond market in style on Wednesday, placing a rare 20 year euro bond, part of a €2.25bn dual tranche offering, which enabled the issuer to tap into new investors.
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Export Development Canada showed on Wednesday that despite some big deals this year in fives, there is still plenty of demand in the three year part of the dollar curve as it took the rare step of increasing a deal from its initial size target. The trade came as a trio of other dollar deals hit screens.
