Middle East
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Yapi Kredi Bank is in the market with its annual loan refinancing, as Turkey’s sovereign rating received its second downgrade of the year on Friday, putting Yapi in line to follow. -
Moody’s cut Turkey’s investment grade rating to junk on Friday, as anticipated, but comments the agency made last week caught investors off guard. However, despite the initial sovereign sell-off, a rally has begun.
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Union National Bank (UNB) has announced plans to return to the dollar bond market after an absence of nearly two years.
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Saudi Electricity Company (SEC) signed a Sr5bn ($1.3bn) Islamic loan this week, having already secured $3.8bn in dollar loans this year.
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Saudi British Bank (SABB) has completed its first dollar denominated syndicated loan, according to one banker, as the country's borrowers increasingly turn to international debt markets.
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Nomura has added a Turkey specialist to its EM coverage team as it continues to build its EMEA emerging markets platform.
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Turkey’s Isbank has signed its second annual syndicated loan for $1.04bn-equivalent. Like recent deals for the sector, Isbank’s loan includes a margin ratchet if the bank is downgraded.
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National Bank of Abu Dhabi (NBAD) is still in talks with investors about a possible green bond, according to the lead managers, despite rumours that the planned deal will not go ahead due to disputes over pricing.
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International lenders are bidding to arrange the $2.9bn deal for the Dubai Metro 2020 project, over $1bn of which will be a commercial loan which does not have a guarantee.
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Emerging market bonds opened 10bp-15bp wider on Monday giving issuers plenty of reason to sit and digest a sell-off following a months-long positive run. However, bankers said that more attractive valuations would be a positive for investors.
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