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