Middle East
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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).
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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.
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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.
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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.
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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.
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Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to a Saudi Arabia mandate, the deals are expected to be timed to avoid collision.
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National Bank of Abu Dhabi (NBAD) is set to hit the road for the Middle East’s first ever green bond, planting a flag in the sand for sustainable bond issuance from the region.
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Korea Development Bank, one of the two co-ordinating banks for Akbank’s loan, stepped away from the mandate last week, it has been revealed, after the attempted military coup left the borrower facing a rating downgrade into junk territory.
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Sharjah Islamic Bank has mandated three international banks, as well as several local banks, to arrange a senior dollar sukuk transaction.
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Sovereign mandates are starting to trickle through in CEEMEA as borrowers ready themselves for September. Bahrain has picked five banks to manage a dollar transaction and the market is waiting for updates from Egypt and Nigeria.
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Abu Dhabi investment firm Waha Capital has signed a $500m loan with a number of international banks from the original facility missing from the refinancing.
