Middle East
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Qatar National Bank has tapped the $625m Formosa bond it sold on Thursday for a further $475m on Friday, taking advantage of follow-on demand after the deal had been priced.
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Turkey this week chose to take its second chunk of funding this year via a tap to double the $1.5bn it raised with a 10 year in March.
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Vakifbank’s debut euro Turkish covered bond is good for investors, good for emerging markets borrowers and good for the global economy. But the deal would probably never have happened without the intervention of the European Central Bank.
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Türkiye Vakiflar Bankasi, or VakifBank, this week issued the first publicly syndicated Turkish covered bond, sending a powerful message to other Turkish banks and emerging market issuers that the investor base is wide open and eager for more EM names. -
Abu Dhabi printed a stellar $5bn bond this week after a seven year absence. But it may not be as easy for other Middle East sovereigns that need to print big bonds this year. Fundamentals point to an uphill slog.
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Abu Dhabi’s $5bn note, priced Monday, dazzled with size and rarity, but also set the bar for other Middle East sovereigns facing unprecedented funding needs. How that capital is raised could come to define the year in emerging market bonds, writes Francesca Young.
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The National Bank of Abu Dhabi (NBAD) is in the final stages of introducing a US commercial paper (US CP) programme, in order to extend its global platform.
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Qatar National Bank has sold the largest ever dollar floating rate note Formosa bond — a $625m deal — as several other issuers from the region clamour for the attention of this Taiwanese bond market.
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Abu Dhabi-owned Mubadala will wrap up its $2bn refinancing by the end of May and has achieved roughly the same margin as the loan it refinances, according to two sources.
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Black Sea Trade and Development (BSTDB) made it two dollar debuts in emerging market bonds on Thursday today, joining fellow first timer Banque Ouest Africaine de Developpement with a five year deal.
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Turkey chose on Thursday to take its second chunk of funding this year via a tap after raising $1.5bn with a 10 year in March.
