Middle East
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Kuwait Projects Company (Kipco) was on track to print 2016's first corporate bond from CEEMEA on Tuesday as Turkish conglomerate Koc Holdings also said it would issue a seven year bond. -
This week Sharjah Islamic Bank (SIB) launched its $200m murabaha loan, which offers all-in pricing of 240bp for top tier banks — welcome fodder for regional lenders, which face growing funding costs.
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Vakifbank has launched its first annual loan refinancing of 2016, following Turkish peers Akbank and Ziraat bank to the market.
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Two Turkish bond deals this week were seen as a welcome treat for investors starved of recent supply from the country, and more is still in the pipeline.
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Even rival bankers are lavishing praise on the $1.5bn long 10 year bond Turkey sold on Wednesday, which drew a $4.47bn book and needed only a 10bp-15bp new issue premium to print.
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Sharjah Islamic Bank (SIB) will pay a margin of 165bp for its $200m murabaha loan, which should launch syndication early next week, according to a banker on the deal.
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Turkey has released a tight range of price guidance for its long 10 year dollar bond. The deal is expected to be priced later on Wednesday. Meanwhile compatriot corporate credit, Koc Holding is hitting the road
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Emirates Global Aluminium has completed its $4.9bn loan refinancing, with eight lenders joining the underwriting banks, as this week the borrower announced its income had almost halved last year.
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As Kuwaiti petrochemicals company Equate decides how to refinance its $6bn bridge loan, the borrower will likely avoid the bond market and stick to loans in the near future, bankers told GlobalCapital.
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With two rare loans for Turkish corporates in the market — a $400m loan for Borusan Holdings and a $50m facility for clothing company DeFacto — bankers are hoping that deal flow from the country will pick up, helping to fill the void left by sanctioned Russian borrowers.
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A swathe of ratings downgrades. one of which prompted Bahrain to first cancel a tap and then reprint it this week at a higher yield, is just one factor that will force Middle East sovereigns to pay up for bond funding just when they need it the most, writes Virginia Furness.
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