Middle East
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Turkish retail group Boyner has arranged $170m of loans from local and foreign banks. Most of the deal was supplied by international lenders, despite the country having being downgraded to junk this year. -
Two more Turkish banks opened order books on dollar trades on Tuesday, following Isbank, Vakifbank and Turk Eximbank last week. Sekerbank and Kuyeyt Turk are out with a Basel III tier two and a sukuk respectively.
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Jordan made its second standalone entry into the international markets on Monday with a $1bn 10.25 year. The sovereign used Saudi Arabia’s international bond success last week and its index eligibility to grind in pricing to pay a negligible new issue premium.
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Moody’s has assigned a provisional Baa1 rating to the mortgage backed covered bonds of Yapi ve Kredi Bankasi and the issuer has published its base prospectus, suggesting it could soon be ready to issue.
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Several loans from Omani credits are being tipped to be launched this year, but, after several large deals, some bankers have concerns that lending appetite is waning.
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Jordan opened books on a long 10 year bond on Monday. The issuer will be hoping to catch the tail end of a post-Saudi Arabia bond rally and is offering a juicy 50bp premium to tempt investors.
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After a three month hiatus, an attempted coup and a sovereign downgrade, Turkish credit is back in the market with three bank trades and two mandates this week alone. But while the sovereign printed a successful $1.5bn last Friday, investor fatigue is translating into lacklustre trades, even though premiums are up.
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Saudi Arabia’s record breaking international triple trancher, priced Wednesday, heralded the start of a new era for the Gulf’s largest economy as it embarked on a future away from oil. The remarkable $17.5bn debut — the largest ever syndicated sovereign bond — swept up $63bn of global interest this week, which is just as well given the economic task that lies ahead for the country, writes Virginia Furness.
