Middle East

Turkey’s Garanti Bank has increased the amount of dollar commitments in its latest loan refinancing, while Yapi Kredi saw the proportion of dollars fall.

The Islamic subsidiary of Turkey’s Ziraat Bank has signed its first murabaha loan, increasing the deal from $75m to $155m. Meanwhile, Sharjah Islamic Bank secured a $265m loan.

Saudi Arabia signed a $10bn loan with its relationship banks this week, according to one lead banker, and secured the price of a three year loan with a guarantee of five year money, according to three bankers.

Turkey’s sovereign curve widened between 5bp-10bp on Thursday after Turkey’s prime minister Ahmet Davutoglu agreed to step down, though bankers said the asset class was holding up versus equities, at least.

After a week of no new paper in CEEMEA, EM bankers are looking forward to a busier next week as four bonds are slated from the region and the market looks supportive enough to allow issuers to pull the trigger.

Mubadala Development Company has set the size of its bond at $500m and meetings for the deal are so far going well, said a banker close to the deal on Thursday.

Turkey’s sovereign curve widened between 5bp–10bp on Thursday after expectations that Turkey’s prime minister Ahmet Davutoglu will step down, though bankers said the asset class was holding up versus equities at least.

Turkish bank Yapi ve Kredi Bankasi has refinanced the 367 day credit facility it signed in April last year, maintaining the size of the lender group.

Saudi Arabia will sign its $10bn sovereign loan on Wednesday, according to a lead banker, and the tenor is shorter than many think, according to two other sources.

Ezdan Holding, a Qatari property company, has mandated two banks for its debut sukuk and is embarking on investor meetings on Thursday.

Mubadala Development Company has mandated six banks for its first dollar benchmark since 2014 — making it the first public international bond with Peter Turney, an ex-Mitsubishi and BNP Paribas DCM banker at the helm.

Turkey’s Garanti Bank has increased the amount of dollar commitments in its latest loan refinancing versus the expiring deal, bucking the recent trend or the country’s banks.