Middle East

Teva Pharmaceutical Industries has started a series of investor calls and meetings to market a triple currency bond that is expected to be one of the largest new issues of the year.

Omani borrowers have lit up the loan market with deals this year but Bahrain — another country vulnerable to oil price shocks — has seen little deal flow. Two large dollar deals for Bahraini borrowers in recent weeks, however, have shown the country is back in the fray.

Turkey's Sekerbank has mandated six banks for a Reg S only subordinated tier two Basel III compliant bond.

Competition is becoming much fiercer in the Turkish banking sector. After years of rampant loan growth in many markets, banks will have to fight much harder to find new customers and bigger margins in the future.

A last minute order saw Yapi Kredi Bankasi relaunch a new senior deal at an increased size on Tuesday. The Turkish bank offered a 10bp new issue premium, according to lead bankers.

National Bank of Oman has set terms for a $100m tap of its $500m 3.125% 2019s at 200bp over mid-swaps, which a syndicate official away from the deal said equates to a new issue premium of around 23bp.

Yapi Kredi Bankasi opened books on a seven year note on Tuesday morning, offering a 20bp premium at initial price thoughts.

Majid Al Futtaim (MAF) printed a $300m opportunistic tap of its May 2024s on Monday to re-open the Gulf Corporation Council bond market after Ramadan.

With the Republic of Macedonia on the road for the first euro-denominated bond from an emerging market issuer since Brexit and EM credit continuing to rally, bankers are expecting a strong few weeks pre-summer.

Kuwait has joined the roster of Gulf Co-operation Council (GCC) sovereigns looking for international financing to help plug increasing fiscal deficits, but while DCM bankers are in no doubt an issue would be met with strong demand, the sovereign has plenty of work to do before coming to market.

Oman Shipping Company is syndicating an underwritten loan, after other state-owned Oman firms PDO and Dhofar Power Company wrapped up deals in recent weeks.

Turk Eximbank, which sent out invitations for a €300m ($337m) equivalent loan in early June, has extended the deadline for responses, according to a source.