Middle East

Bankers pitching to lead the first loan for Saudi Arabia in more than 20 years say the borrower will tussle for tight pricing even though the Gulf’s other sovereigns and blue chips face further downgrades, write Elly Whittaker and Virginia Furness.

Rating: A1/A+/A

Kuwait Projects Company (Kipco) printed the first bond this year from a corporate in central and eastern Europe, the Middle East or Africa on Tuesday. While the solid international book could not prevent some softness in secondaries the next day, the issuer was unaffected by rating action by Moody’s this week.

Family-run Turkish conglomerate Koc Holding printed $750m with a minimal new issue premium on Wednesday as corporate supply in CEEMEA ramped up.

Israel printed a new 10 year bond and a tap of 2043s on Wednesday with only a small new issue concession and some of the biggest books seen so far this year for a CEEMEA bond.

The Islamic subsidiary of Turkey’s Ziraat Bank has launched a bitesize $75m murabaha deal, as the bank itself refinances $1bn of loans.

Family run Turkish conglomerate Koc Holding printed $750m with a minimal new issue premium on Wednesday as corporate supply in CEEMEA ramped up.

Emerging market investors have plenty of opportunity to pick up corporate debt this week with Mexican oil and gas giant Petroleos Mexicanos (Pemex) returning to euros and Koc Holding in dollars.

Israel has tightened price guidance on its 2043s tap and new 10 year bond, both in dollars, in the hope of printing the deal later on Wednesday.

Kuwait Projects Company (Kipco) printed the first CEEMEA corporate of the year on Tuesday but the solid international book could not prevent some softness in secondaries the next day.

Aster DM Healthcare is close to sealing a $280m multi-tranche syndicated loan, with three or four lenders already committing to the deal.

KOKS Finance and Dubai Holding are looking to buy back part or all of their dollar notes due 2016 and 2017, respectively.