Middle East

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.

The loan for Aluminium Bahrain (Alba), which is expected to grow beyond its initial target of $750m, is due to be signed on Wednesday.

Just over a month has passed since the attempted coup in Turkey. With a backlog of issuance from the country sitting in the pipeline, GlobalCapital discussed the investment case with four London-based fund managers.

Abundant oil reserves transform a country’s economy. The results are not always positive — some sovereigns suffer from the “Dutch Disease”, which inhibits exports of non-oil goods through an appreciation in the real exchange rate. But overall natural resources, in particular oil and gas, prove to be a boon for the lucky country’s finances.

Citi will not work on Sharjah Islamic Bank’s upcoming bond deal after initially being named on the mandate. The bank could not reach an agreement with the issuer regarding its role on the deal, according to two sources.

Five banks have completed syndication of a $100m loan for Oman’s Bank Dhofar. The loan fills a funding gap while the bank waits to sell its first medium term note, the chief financial officer told GlobalCapital.

Two CEEMEA issuers have picked banks for dollar transactions this week — Russia’s EuroChem and Sharjah Islamic Bank.

Though many of Turkey’s borrowers are facing ratings downgrades, Turkish-Japanese tyre maker Brisa has raised $310m of loans from Japanese investors and the European Bank for Reconstruction and Development (EBRD).

Just over a month has passed since the attempted coup in Turkey. With a backlog of issuance from the country sitting in the pipeline, GlobalCapital discussed the investment case with four London-based fund managers.

Appetite for the longer-dated tranche in Akbank’s refinancing was so low that the deal shrunk by more than two thirds and only received commitments in euros. The one year piece was about the same size, however.

National Bank of Abu Dhabi (NBAD) is preparing to issue the first green bond from the Middle East, marking an important step in the development of sustainable bond issuance from the region, even if follow up issuance will be slow to materialise, writes Virginia Furness.

Foreign investors will be allowed to participate in Saudi Arabian IPOs from January, the country’s regulator said on Thursday in a move that has been signalled for some time but was nevertheless warmly welcomed by bankers.