Middle East
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Turkish bonds sold off some 30bp on Friday after President Recep Erdogan’s crackdown on the country’s pro-Kurdish opposition escalated with two high profile arrests. The widening is likely to halt Turkish bond issuance for this year, according to an EM DCM banker focused on the region. -
Etihad Airways will begin investor meetings on a reverse enquiry for an intermediate sukuk, the successful placement of which will result in the borrower’s first ever standalone bond.
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State-owned Abu Dhabi banks ADCB and NBAD have taken a very different approach to the loan market, with one bank paying up to bring in new lenders and the other demanding tight relationship pricing.
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Citi has promoted its Turkey CEO into a broader role of EMEA head of non-presence countries.
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The Dubai Gold and Commodities Exchange (DGCX) has announced plans to launch a renminbi futures contract, with Gaurang Desai, CEO of the exchange, telling GlobalRMB the contract has already received regulatory approval.
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The government of Dubai has picked HSBC as financial advisor for its $3bn fundraising to expand its international airports.
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CEEMEA borrowers raised $37bn of euro and dollar bonds in October, making it the busiest month on record.
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The Dubai Gold and Commodities Exchange is to start trading a Shanghai gold futures contract.
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There is no doubt that Saudi Arabia’s $17.5bn bond placement last week was a success. But while the country’s Vision 2030 plan is an attractive narrative, it is too simplistic to think of it as a handbook to economic recovery. Investors should be wary.
