Middle East

As the $100bn-plus IPO of Saudi Aramco nears its launch, the UK’s Telegraph has most recently hinted at a three-way foreign listing, conducted across London, New York and Hong Kong. Columnist Philippe Espinasse looks at the practicalities and advantages (as well as disadvantages) for the oil behemoth of listing in Asia.

Boubyan Bank, an Islamic bank based in Kuwait, has released initial price thoughts for a $250m perpetual non-call five tier one bond.

Mubadala Development Company was on track to print its $500m bond tight to its existing curve as US markets opened on Monday.

Lenders have piled in with aggregate commitments well beyond the €1.5bn deal size for Qatar National Bank, as the lender swerved negative ratings actions against a number of Qatari banks.

Turkiye Sinai Kalkinma Bankasi (TSKB) is preparing to open up a new market in Turkey by issuing the country’s first ever green bond against a volatile political backdrop.

In this round-up, Hong Kong RMB deposits shrank further in March, southbound usage of the Shanghai-Hong Kong Stock Connect picked up, China's foreign exchange regulator granted four new RMB qualified foreign institutional investor (RQFII) quotas in April, and Singapore Exchange launched trading of derivatives under the new MSCI China Free Index. Plus, a recap of GlobalRMB's top stories this week.

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.