Middle East
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Currency volatility and political upheaval are proving difficult hurdles to clear for Turkish companies wanting to graduate from domestic loan markets to the international capital markets. Elly Whittaker reports. -
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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Turkish banks are looking to mortgage-backed covered bonds to close asset and liability mismatches and reduce borrowing costs. In the next few years, the asset class will become a cornerstone of their funding plans. Tyler Davies reports.
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Political uncertainty has provided a volatile backdrop for investors in Turkey over the last year, making the growth in its economy all the more impressive. But as Philip Moore reports, the country’s economic resilience will be severely tested this year.
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Buttressed by vibrant domestic demand and supported by weak global commodity prices, Turkey’s economy continues to post solid growth. In this interview, treasury undersecretary Cavit Dagdas explains how Turkey’s medium term programme (MTP) will underpin continued growth.
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Qatar made history on Wednesday by printing the largest ever bond from a CEEMEA borrower. The triple tranche $9bn trade surpassed size expectations, and while initial teething problems saw the five and 10 year tranches soften in secondaries, rival bankers deemed the pricing a triumph.
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Loan issuance from Omani borrowers, some of them debut deals, is in full flow and demand from international investors holds strong despite Oman’s recent downgrade.
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Middle East bond markets are red hot with $24bn of deals printed so far in 2016 — the highest ever year to date level. However, while Qatar's triple-tranche $9bn jumbo drew a book of $23bn and proved there is abundant demand for high quality GCC borrowers, signs of fatigue are starting to play out in the poor secondary trading performance of some of this week’s other new issues. Virginia Furness reports.
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