Middle East

Türk Ekonomi Bankasi (TEB) and Vakifbank have adopted margin ratchets in their latest loans as a swathe of Turkish banks face ratings downgrades.

Turk Ekonomi Bankasi (TEB) has signed a $567m loan, led by seven bookrunners, which includes the same margin ratchet as other Turkish banks Akbank and Vakifbank.

Sharjah Islamic Bank raised $500m with a five year sukuk on Thursday to take advantage of the interest in Middle Eastern assets.

Qatar National Bank made the most of its early mover advantage to pull in over $2.6bn of orders, nearly a third of which came from Asia, to print its $1bn trade with a slim premium on Wednesday.

Dubai’s Emaar Properties has picked banks for its first trade since 2014, a senior unsecured sukuk.

The margin for Vakifbank’s latest loan will increase if the bank is downgraded, the move follows Akbank which set the trend for the ratchet earlier this month in the face of ratings downgrades for Turkish banks.

Qatar National Bank (QNB) hit the screens with the first benchmark trade from the Gulf Cooperation Council after the summer break on Wednesday, taking orders in excess of $2.4bn by 10am.

Primary markets have burst into life in CEEMEA with the Middle East the focus this week. Several mandates and a new deal from Qatar National Bank (QNB) have hit the screens.

Sukuk stepped into the spotlight after JP Morgan decided to include Islamic bonds in its EM bond indices, but while eligibility will give the asset class a boost, it will be a while before the product is more broadly used.

Emirates Islamic Bank (EI Bank) slipped into the market on Tuesday ahead of plenty of expected supply to raise $250m with a tap of its dollar sukuk due 2021.

Shellanoo, the Israeli tech group backed by Roman Abramovich, will.i.am and Nikki Minaj, is preparing an IPO in Tel Aviv in September or October

Kuwait's Burgan Bank will re-engage with investors this week after first setting up an EMTN programme for a senior dollar bond in July.