Middle East
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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. -
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.
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Emerging market economic growth managed to hang on to much of its momentum over August, according to the latest release of the IHS Markit Emerging Market Composite PMI index.
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Burgan Bank opened the senior dollar market for Kuwaiti lenders on Wednesday with a well received $500m five year bond.
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Emaar Properties made a triumphant return to the sukuk market on Wednesday with a tightly priced 10 year dollar bond.
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Crédit Agricole CIB has hired a ‘head of international’, a new role at the bank’s global markets division. Gene Kim joins from Standard Chartered, and will oversee the markets business in the Americas, Asia and the Middle East.
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Burgan Bank set price guidance for its dollar market debut on Wednesday morning after amassing more than $1bn of orders.
