Middle East

Boubyan Bank, an Islamic Bank based in Kuwait, has mandated banks for its first offering, a Basel III compliant tier one sukuk.

Oman will be hoping this week's buoyant support of Middle East credits remains after Abu Dhabi attracted $17bn of orders to its $5bn dual tranche deal on Monday. Abu Dhabi hit big in emerging markets this week drawing $17bn of orders for its $5bn dual tranche bond. It is the largest deal from a Middle Eastern sovereign, an accolade it shares with Qatar which issued the same amount back in 2011.

Periphery bank capital is back on the menu for investors this week, leaving FIG bankers feeling they can bring virtually any product to market for the first time since early January. And thanks to Vakifbank, that now includes Turkish covered bonds.

Vakifbank’s 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 of happened without the intervention of the European Central Bank.

Vakifbank’s debt 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 of happened without the intervention of the European Central Bank.

Saudi Arabia on Monday announced its plans to diversify away from oil production through a plan it called "Vision 2030". But the oil rich nation won't find it easy to execute in the plan, particularly when it comes to attracting skilled foreigners to fuel its goals.

Books for Turkiye Cumhuriyeti Ziraat Bankasi’s $500m bond closed with books over $2bn on Monday and the bank paying only a 10bp new issue premium for the note, according to a lead manager.

Türkiye Vakiflar Bankasi (Vakifbank) brought a slew of new faces to its investor base when it issued Turkey’s first publicly syndicated euro benchmark covered bond — at an extremely low cost of funding.

Bank Muscat printed its $500m five year bond from a $1.4bn book on Monday, offering a new issue premium of around 10bp-15bp for the deal, according to the lead managers.

Türkiye Vakiflar Bankasi (Vakifbank) brought a load of new faces to its investor base when it issued Turkey’s first publicly syndicated euro benchmark covered bond — at an extremely low cost of funding.

Abu Dhabi took orders of over $17bn for its first trade in seven years, proving that appetite for GCC debt remains strong, despite oil price concerns.

Saudi Arabia’s plans for economic and social reform will involve developing its financial markets, including the use of derivatives.