Middle East

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.

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.