Middle East
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Qatar's Commercial Bank has signed a $166m loan from a group of Asian lenders, mostly Japanese, extending a trend of Middle Eastern borrowers heading east for cash. -
Moody’s has put Turkey on review for downgrade after the attempted coup in Turkey at the weekend, prompting fears that if such action is taken some investment grade bond funds will be unable to hold the country’s debt.
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While Sekerbank postponed the roadshow for a tier two bond over the weekend, the borrower has succeeded with a $130m loan — although one lender asked for more time before signing, according to a lead banker.
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Yapi Kredi has cancelled the $550m 4.5% 2023 bond it sold on July 12 rather than settle it on Tuesday as scheduled. The bank said it will return to the bond market in September at the earliest.
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The one and only euro benchmark Turkish covered bond issued by Vakifbank widened slightly on Monday but then more sharply on Wednesday following the attempted coup over the weekend. Covered bond investors said the episode would provide a good test case for emerging market covered bonds.
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The one and only euro benchmark Turkish covered bond issued by Vakifbank widened slightly on Monday following the attempted coup over the weekend.
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Turkish Sekerbank has postponed the roadshow for its tier two bond as Turkish bonds opened Monday around 15bp-20bp wider after the failed coup over the weekend.
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Banks involved in two live loans for Turkish financial institutions are so far unruffled by Friday's attempted coup against president, Recep Erdogan. However, lenders will likely review their appetite over the longer term for exposure to the country.
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In this round-up, Singapore Exchange reports strong trading of RMB currency futures, China’s RMB cross-border trade settlement jumps and sales under Mutual Recognition of Funds (MRF) pass Rmb2bn in May. Plus, a recap of GlobalRMB's coverage this week.
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Emirati holding company Majid Al Futtaim (MAF) printed a $300m opportunistic tap of its May 2024s on Monday to reopen the Gulf Corporation Council bond market after Ramadan.
