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