Middle East
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Bahrain Commercial Facilities Company (also known as Bahrain Credit) has signed an $80m five year term loan with five banks. -
Terrorism, a military coup attempt, and a sovereign downgrade have failed to deter dedicated EM investment in Turkey, but deteriorating growth prospects and increasing nationalism, which could further strain relations with Europe, may threaten staying power in the long run, say economists.
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Turkey’s Yapi Kredi has completed its loan refinancing, bringing in $1.1bn in dollars and euros, in a deal where the margins increased just last week after the bank was downgraded.
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Bahrain’s dual tranche dollar benchmark attracted more than $6bn of orders on Wednesday despite investor expectations of an imminent jumbo issue from Saudi Arabia.
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After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.
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Bahrain looked set for a successful dollar market return as books built rapidly for its dual tranche bond following the release of initial price thoughts early Tuesday.
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After completing its first international bond issue earlier this year, Qatar’s Ahli Bank has also signed a $195m club loan — its second ever loan from international banks.
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Turkish funding officials are hopeful covered bond supply will improve in 2017 as new debut names surface and deals price tighter than the sovereign.
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The names of banks backing Indian firm Intas Pharmaceutical’s bid for the UK and Ireland assets of Teva Pharmaceutical Industries have emerged.
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Turkey’s spreads have not recovered almost a week after Moody’s junked its credit rating, but bankers insist the sovereign and other Turkish borrowers will have access to the capital markets once stability has returned, even if borrowing costs rocket. Virginia Furness reports.
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Oman locked down $1.5bn this week, pricing “wisely” with a decent new issue premium and kicking off a busy few weeks of issuance from the Gulf Corporation Council’s oil rich, but cash poor, sovereigns as Bahrain and Saudi Arabia ready trades.
