Middle East
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CEEMEA primary markets have finally become a victim of the summer heat but there’s no snoozing on the beach for syndicate bankers. Planning for the second half of the year has already started in earnest.
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A third Turkish bank has returned to the MTN market, joining Vakifbank and Yapi Kredi with a short dated private placement as prices approach the levels they held before the failed military coup on July 15. -
Aluminium Bahrain (Alba) is finalising its seven year loan this week and will increase the deal beyond the $750m starting size after enjoying a strong oversubscription.
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Turkey on Friday managed to cling on to its investment grade status after Moody’s left its credit rating on hold.
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Export credit agency Turk Eximbank has signed a $750m 10 year loan from international lenders, having secured a €400m deal just last month.
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A pair of Turkish banks has returned to the MTN market after a 100bp rally in their secondary levels, marking the first bonds since the failed military coup in Turkey on July 15 and bringing hope that by September, public syndicated bonds may be back on the table.
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Abu Dhabi investment firm Waha Capital is in the market for a loan, with FGB and HSBC in lead roles, according to two bankers.
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HSBC has let go of a DCM banker who had spent over a decade with the bank, according to market sources.
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After the initial calm in Turkish loan trading following the country's attempted military coup, a few trades have come to market, finally showing the radical impact of the event on pricing.
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Turkish banks have long enjoyed cheap one year loans from international banks but it is now more obvious than ever that the sector should have made hay while the sun shone.
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The Saudi British Bank (SABB) is syndicating a rare dollar loan co-ordinated by its 40% owner, HSBC. The loan is for $400m, one banker said.
