Middle East
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Moody’s cut Turkey’s investment grade rating to junk on Friday, as anticipated, but comments the agency made last week caught investors off guard. However, despite the initial sovereign sell-off, a rally has begun. -
Union National Bank (UNB) has announced plans to return to the dollar bond market after an absence of nearly two years.
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Saudi Electricity Company (SEC) signed a Sr5bn ($1.3bn) Islamic loan this week, having already secured $3.8bn in dollar loans this year.
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Saudi British Bank (SABB) has completed its first dollar denominated syndicated loan, according to one banker, as the country's borrowers increasingly turn to international debt markets.
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Nomura has added a Turkey specialist to its EM coverage team as it continues to build its EMEA emerging markets platform.
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Turkey’s Isbank has signed its second annual syndicated loan for $1.04bn-equivalent. Like recent deals for the sector, Isbank’s loan includes a margin ratchet if the bank is downgraded.
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National Bank of Abu Dhabi (NBAD) is still in talks with investors about a possible green bond, according to the lead managers, despite rumours that the planned deal will not go ahead due to disputes over pricing.
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International lenders are bidding to arrange the $2.9bn deal for the Dubai Metro 2020 project, over $1bn of which will be a commercial loan which does not have a guarantee.
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Emerging market bonds opened 10bp-15bp wider on Monday giving issuers plenty of reason to sit and digest a sell-off following a months-long positive run. However, bankers said that more attractive valuations would be a positive for investors.
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Aluminium Bahrain (Alba) confirmed on Thursday that its loan had doubled in size, while also revealing the pricing.
